A popular crypto analyst on Tradingview is warning investors to brace for another significant decline in Bitcoin’s price in the lead-up to the upcoming halving event. The analyst, who goes by the name “Xanrox ” on the platform, released a detailed technical analysis suggesting Bitcoin could plummet by as much as 21% from its current levels.
In a lengthy post, Xanrox pointed to the recent crash in Bitcoin’s price, stating, “Bitcoin crashed significantly, as I warned you in one of my previous analyses.” The analyst believes the sell-off is far from over, citing the imminent halving event as a potential catalyst for heightened volatility.
Halving is a pre-coded event in Bitcoin’s protocol that reduces the rate at which new coins are minted and issued to miners, cutting the reward in half roughly every four years. The next halving is scheduled to occur in a few days, and Xanrox argues that this event could exacerbate the downward pressure on Bitcoin’s price.
According to the analyst, several technical indicators support the bearish outlook. Xanrox cited the presence of a “double bottom pattern” and a “fair value gap” below the current price, suggesting that Bitcoin could fill these gaps in the near future.
Xanrox’s analysis also invokes the Elliott Wave theory, a technical analysis approach that attempts to identify recurring price patterns in financial markets. The analyst claims that Bitcoin has completed an “impulse wave 12345” and is currently in a corrective phase, which needs to be completed before the cryptocurrency can rally to new all-time highs.
“It’s always important to do an Elliott Wave analysis before making such statements,” Xanrox wrote. “If we take a close look at the price action, we can see that the impulse wave 12345 was completed and we are in a corrective phase. We need to complete this ABC correction before going higher to an all-time high!”
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Show more +The analyst’s prediction appears to be playing out, at least in the short term. Xanrox noted that Bitcoin has already declined by 6% since the analysis was posted, dropping from $66,016 to $63,230. The analyst also pointed to the recent red monthly candle on Bitcoin’s chart, the first since September 2023, as another sign of weakness.
“It can be nasty guys, hope you are ready for what’s coming!” Xanrox warned, urging followers to heed the analysis and prepare for potential turbulence in the Bitcoin market.
While technical analysis can provide valuable insights, it’s important to note that cryptocurrency markets are highly volatile and unpredictable. Investors should exercise caution and conduct their own research before making any investment decisions.
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