Crypto Analyst Predicts Bitcoin Downtrend: What’s Next for Prices?

In a recent analysis, a crypto strategist accurately predicted the current Bitcoin downtrend and shared insights on where the price is headed next. The analyst, known as Xanrox, made waves in the crypto community by forecasting a decline in the market at a time when many were still optimistic about Bitcoin’s climb above $70,000. Xanrox highlighted key indicators that suggest the price of Bitcoin is likely to retrace in the near future.

One of the indicators that Xanrox pointed to is the “FVGAP” created at $62,000, which could signal a bullish trend for Bitcoin. The analyst emphasized that gaps like these are typically filled sooner rather than later, indicating a potential retrace in the price. Furthermore, Xanrox highlighted the Elliott Wave perspective, noting that Bitcoin had completed the first impulsive Wave 1 and was expected to enter a bullish Wave 2. Additionally, the analyst pointed out the formation of a corrective ABC pattern and identified a bearish trend line breakdown along with a rising wedge pattern on the chart.

Since Xanrox’s initial analysis on May 29, Bitcoin has broken below $68,000, aligning with the analyst’s prediction. Subsequent updates from Xanrox have revealed further bearish signals, including the breakdown of additional trend lines and the formation of a symmetrical triangle that is expected to lead to a price decline. The original chart shared by the analyst indicates a potential drop to the $62,000 level, representing a more than 10% decrease in price.

As Bitcoin hovers just below $68,000 at the time of writing, with a 2.7% loss over the past week, uncertainty looms over the cryptocurrency market. While the monthly gains for Bitcoin remain positive at 10.28%, Xanrox’s bearish stance serves as a warning to investors. The analyst advised caution during the summer months, emphasizing that price action may not be as volatile for Bitcoin during this season.

The predictions made by Xanrox have sparked discussion and debate within the crypto community. As Bitcoin faces a potential downtrend, investors should closely monitor key indicators and patterns to make informed decisions. While the market remains uncertain, strategic analysis and risk management are essential to navigate the ever-changing landscape of cryptocurrency trading.