A crypto strategist, known as Xanrox, gained attention for accurately predicting the current downtrend in Bitcoin’s price. This has led to speculations about where the price of Bitcoin may be heading in the near future. Xanrox’s analysis, shared on the TradingView website, pointed towards indicators that suggest a potential crash in the crypto market. One of the main indicators highlighted by the analyst is the “FVGAP” that appeared at $62,000, signaling a possible bullish trend. This gap, if filled sooner rather than later, could indicate an impending retrace in the price of Bitcoin.
In addition to the gap, Xanrox also pointed out the Elliott Wave perspective, suggesting that Bitcoin has completed the first impulsive wave and could be gearing up for a bullish Wave 2. The creation of a corrective ABC pattern and the formation of a small red trend line that is breaking down further support the idea of a potential decline in Bitcoin’s price. The analyst’s initial prediction on May 29 has already seen the price of Bitcoin breaking below $68,000, reinforcing the possibility of a further decline.
Following the initial prediction, Xanrox updated their analysis to reflect the current situation in the crypto market. The emergence of another red trend line breaking down, along with the formation of a symmetrical triangle, indicates a negative outlook for Bitcoin. The analyst expects the price to fall further, potentially reaching the $62,000 level, which could result in a significant decline of over 10%. This bearish sentiment has led to caution from the analyst, warning traders to be careful during the summer months when Bitcoin’s price action may be less volatile.
At the time of writing, Bitcoin is trading just below $68,000 with a 2.7% loss in the last week. Despite the recent downturn, the monthly performance of Bitcoin remains positive with a 10.28% gain. This mixed outlook reflects the uncertainty surrounding the future of Bitcoin and the wider crypto market.
The analysis provided by Xanrox offers valuable insights into the potential direction of Bitcoin’s price in the coming weeks. While the indicators point towards a bearish trend, the crypto market remains volatile and unpredictable. Traders and investors should exercise caution and closely monitor the market dynamics to make informed decisions. As the summer months approach, the price action of Bitcoin may experience fluctuations, adding to the uncertainty surrounding its future trajectory.
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