In an article shared on tradingView, the Crypto Xanrox analyst argues that the current Haussier cycle is almost finished, indicating a potential decrease trend that would see the price of bitcoin crash at $ 60,000. This analysis comes as Bitcoin is negotiated in a very calm phase, which prompted many cryptographic traders and cryptographic analysts to start re -evaluating its next direction.
Xanrox predicts Bitcoin Top at $ 122,000 and crash at $ 60,000
The largest cryptocurrency in the world has oscillated just above the price level of $ 118,000 for several days now, fighting to break decisively above this area, but not showing major signs of breakdown. Despite this consolidation, the feeling of the market remains optimistic.
The Crypto Fear and Greed index continues to clich “greed”, and most analysts still support Bitcoin prepare for another step up. However, an interesting technical perspective calls into question this bullish consensus and issues a Crash warning.
In particular, the Crypto Xanrox analyst identified a sales signal On the weekly chandelier stopwatch after Bitcoin reached the extension of Fibonacci 1.618 and affected the long-term trend 2017-2021-2025, with the last touch of the trend aligning on the recent Bitcoin summit at $ 1,2,2800.
According to him, the most recent touch of this trend line could be the top of the current cycle. In addition, he noted that the structure of the waves Elliott has now completed wave 5 in an upright corner and an impulse movement of the largest wave 5. As such, a corrective phase is about to start.
What is the next step for Bitcoin?
As shown in the graph below, the next major movement could be at least 50%, Bitcoin falling to $ 60,000 by 2026. This projection is based on the action of previous prices, where Bitcoin embarked in 84% and 77% of price reductions after touching the trend line in 2017 and 2021, respectively.
The technical configuration also aligns with the statistical data which show that August and September has historically exert an increased sales pressure. Xanrox noted that even if traders can wait for additional confirmation, such as a break below the 50 -week mobile average, he personally thinks that the summit is already in place. Large institutions and professional investors pay special attention to the mobile averages of 20, 50, 100 and 200 of periods.
Reading related: Bitcoin Squeeze incoming while market manufacturers have put a trap to exceed $ 123,000
Xanrox’s prospects contrast strongly with the dominant feeling among cryptographic investors. The current Bitcoin structure still shows a force on higher deadlines, and several other analysts see recent consolidation between $ 117,000 and $ 119,000 as a continuation base around $ 130,000 and beyond.
The absence of major sales volume, the company retains the price level of $ 118,000 and the 50 -week mobile average, and bullish indicators through altcoins like Ethereum are chain signals that the price of bitcoin has even more room to operate before reaching a cutting price this cycle.
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