Bitcoin Braces For 10-20% Crash, Top Analyst Cites 90% Chance Of Pullback
Bitcoin (BTC), the largest cryptocurrency in the market, has once again taken the lead in the crypto landscape. However, with this comes a sense of caution among investors caused by macroeconomic data, especially from the United States.
In addition, the resulting outflow of $600 billion from the main market of the digital asset ecosystem, as report by asset manager CoinShares, raised concerns about a possible price correction in the near future.
Against this backdrop, renowned analysts and technical experts have weighed in to share their insights and predictions for Bitcoin’s future path.
Crypto Experts Warn of Upcoming Bitcoin Correction
Crypto analyst Timothy Peterson, on social media posted on X (formerly Twitter), highlights Bitcoin’s 65% rise in the past six months. However, based on ten years of historical data, Peterson suggests a 90% probability that BTC will experience a drop of 10-20% in the next 90 days, taking the price of BTC below the critical threshold of $60,000.
On a more optimistic note, Peterson noted that there is also a two out of three chance that Bitcoin will end the next three months 50% increase. This projection puts Bitcoin’s price path at $65,000, followed by $52,000, and possibly reaching $98,000 in October.
Related Reading
Supporting these forecasts, technical analyst Rekt Capital he points that Bitcoin tends to form price action clusters around the upper resistance range above $71,600. Historical patterns show that these clusters often precede downward movements, leading to lower levels within the range.
In line with Peterson’s analysis, this preparation could lower Bitcoin’s price to around $56,000, similar to the previous correction seen after its all-time high of $73,700 in March.
BTC’s Post-Halving Trajectory On Track?
Rekt Capital continued it emphasizes that Bitcoin is trading within its normal regrouping box after the Halving event. This recovery phase usually starts a few weeks before Half-Life and ends a few months later.
The analyst also shared that the current Re-Accumulation Range of Bitcoin is estimated between $60,000 and $70,000, price changes within this range. This section aims to stabilizing the price of Bitcoin, preparing it for the next phase of the cycle—the “Parabolic Phase.”
Rekt Capital suggests that the Re-Accumulation phase may last several months, possibly up to 150 days. When he went outside regrouping pointBitcoin is entering a parabolic uptrend characterized by rapid growth.
Considering the timeline, the market is now two months after the Bitcoin Halving and the current price action is in line with previous 60-day post-Halving periods.
Related Reading
In summary, considering the conditions presented by the analysts, BTC is expected to remain within its established range, likely to face deep corrections before entering an upward path towards price increases and the potential to reach new all-time highs.
At the time of writing, BTC showed a recovery in the last hour, witnessing an upward trend after hitting Monday’s low of $65,000. Currently, it is trading at $66,800.
Featured image from DALL-E, chart from TradingView.com
Source link
