Bitcoin has been in a remarkable state of flux lately after recovering from the crash below $60,000 and finding support above $61,000. However, with the pioneer cryptocurrency failing to completely beat key resistance points such as $63,500, bearish sentiment continues to dominate the market. Amid this, a crypto analyst has predicted that the Bitcoin crash is far from over, predicting much lower numbers than expected.
Crypto Analyst Calls Possible Bitcoin Crash to $35,000
In a new analysis of the Bitcoin price, crypto analyst Alan Santana has done just that predicted a possible price crash in the near future. The analysis, posted on the TradingView website, takes into account the past performance of the cryptocurrency and identifies various points such as a maximum pain point.
Related reading
Santana points out that the maximum pain point for Bitcoin is currently between the 0.618 and 0.786 Fibonacci retracement levels. This means that the Bitcoin price is far from bottoming out, as this analysis shows. Because the Fibonacci retracement levels are still so low right now.
Based on this, the crypto analyst believes that the price will continue to decline, with the maximum pain point being around $34,900 and $42,855. If we follow this prediction, it means that the Bitcoin price could fall as much as 45% from current levels if it were to occur.
Interestingly, despite expecting such a massive price crash, the crypto analyst does not believe the price will fall further. He even points out that the Bitcoin price will never fall below the $30,000 price level again.
The crypto analyst concludes the analysis with a few words for investors and traders and advises: “Update your numbers, update your trades, update everything. These are the new numbers.”
Not everyone is bearish
Although Alan Santana’s forecast is very bearish for the Bitcoin price, not all analysts have gone the negative route. In fact, with BTC’s 20% price crash, some crypto analysts believe that the worst is already over and that the pioneering cryptocurrency will soon see a revival.
Related reading
One of the crypto analysts who predicts a price increase is Doctor Bitcoin, who also Posted his analysis on the TradingView website. According to the crypto analyst, this is actually the time to buy BTC due to a harmonic pattern that has appeared on the chart, indicating a bullish reversal pattern. For this purpose, Doctor Bitcoin has predicted a possible rise to $85,000, which would be a move of approximately 35% from the current price level.
At the time of writing, the Bitcoin price is currently $62,800, showing an increase of 2.26% in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com