Bitcoin Not a Good Buy Despite 12% Gain; One Last BTC Crash Expected to This Level Before Spike to $100k
The cryptocurrency market has seen a resurgence in recent days, with Bitcoin (BTC) gaining nearly 12% over the past seven days. However, according to Xanrox, a crypto analyst on TradingView, investors should exercise caution as one last significant price drop may be on the horizon before a potential bull market emerges.
Currently trading around $66,700, Bitcoin has rallied from $59,600 to $67,000 in just one week. Despite this positive momentum, Xanrox believes that the leading cryptocurrency is preparing for a final downward move towards the $57,000 level based on their calculations.
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Show more +Detailed Analysis: In a comprehensive analysis, Xanrox explains that Bitcoin’s price is still within a bullish flag formation, and the current price action is part of an ongoing corrective pattern known as the ABC pattern from the Elliott Wave perspective.
The analyst advises against taking a bullish stance at the moment, suggesting that patience is key until the projected $57,000 level is reached before considering any buying opportunities.
Xanrox highlights the importance of monitoring the long-term trendline, which connects the price points from October 2023 to January 2024. With two touches already observed, the analyst expects an inevitable third touch on this trendline, potentially presenting an attractive entry point for Bitcoin buyers.
“It will be good if you buy Bitcoin at this trendline,” Xanrox states, emphasizing the potential for a continuation of the bull market towards $100,000 and beyond after testing this critical support level.
The analyst also reminds traders that price volatility is often heightened around the Bitcoin halving event, which is a periodic reduction in the rate at which new bitcoins are created and added to the circulating supply.
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Show more +Conclusion: Xanrox’s analysis suggests that Bitcoin may experience one final price drop to the $57,000 level before potentially embarking on a new bull run. The crypto analyst advises traders to remain patient, set alerts on the long-term trendline, and wait for the bullish flag formation to complete before considering any buying opportunities. “Trading is easy if you have the right information,” Xanrox states, emphasizing the importance of following a well-informed strategy.
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