A cryptocurrency market expert has shared his grim outlook for Bitcoin (BTC), warning that a major price collapse for the leading cryptocurrency could be imminent. The analyst noted that Bitcoin’s recent break below a key support level could have opened the door to a deeper decline that could potentially send the price to even lower levels. he admitted it The market remains in a bearish phase Expect more choppy price action before the expected breakdown occurs.
Why Bitcoin Could Soon Be Facing a Severe Collapse
Cryptocurrency analyst known as Tony Research published It’s a warning to Bitcoin traders and investors, declaring that “bad things are coming.” In the June 2nd Failure to test and maintain $70,000 area.. The analyst noted that he had been forewarned that such a move could occur a few days before the breakdown.
Now Tony Research has outlined what it expects for the wider market moving forward. To provide more clarity and context, he also provided a detailed analysis of the events and price movements that occurred before and during BTC’s latest support analysis.
Before losing this key support, Tony Research noted that Bitcoin underwent a major price correction at the 0.618 Fibonacci level and the 200-day moving average (MA). He explained that cryptocurrency is broken. Long-term rising channel It has been forming since the beginning of the year.
His accompanying chart shows that BTC traded within a narrow range within this channel and only broke that range once. When it briefly exceeded the $80,000 mark. However, this rebound was short-lived as prices quickly resumed their decline leading to current lows.
Tony Research added that Bitcoin is currently trading below: Ichimoku Cloud After breaking the lower boundary of the rising channel. He warned this. major bearish signalIt could potentially trigger Bitcoin’s biggest price crash and put investors and optimistic traders at risk of serious losses.
What’s next for BTC price?
In its analysis, Tony Research outlined the next moves Bitcoin investors should watch out for. First, he expects a bounce from $67,000 to around $74,000, which sends a signal. short-term relief rally.
Following that rebound, Tony Research predicted that BTC would Plunged to a new low below $60,000. His chart specifically points to a major downside target between $56,000 and $54,000. He pointed out that once this downward trend progresses, a bear trap could be completed, potentially marking the final bottom for the cryptocurrency.
The analyst also warned: bull market At this stage it would be “stupid.” He said that even if Bitcoin continues its downward trend, investors should expect multiple short-term bounces.
Featured image created with Dall.E, chart from Tradingview.com
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