This Analyst Called The Bitcoin Price Crash Early, Total Prediction Says More Pain Is Coming
Crypto analyst Akademik, who called the Bitcoin price crash early has revealed his total predictions for the flagship crypto’s trajectory in the short and mid-term. Based on these predictions, BTC is set to experience a further crash which could send its price to as low as $80,000.
What Next For The Bitcoin Price
In a TradingView post, Akademik predicted that the Bitcoin price could drop to as low as $80,000 while revealing his short trading strategy for the flagship crypto going forward. The analyst’s accompanying chart showed that the flagship crypto could pull back to the $80,000 range or even drop to as low as $60,000.
While outlining his trading strategy to keep shorting BTC, he said he expects this downtrend for the flagship crypto to continue. The analyst told traders that it is possible to enter at the trend level, which he highlighted on the charts if there is an activity in the feed or volumes will be substituted.
Indeed, the Bitcoin price currently boasts a bearish outlook as it dropped to the $93,000 range yesterday before bouncing back above the psychological $95,000 support level. Crypto analyst Ali Martinez provided insights into the current price action and how the flagship crypto is at risk if dropping lower.
In an X post, he stated that the Bitcoin price faces a supply wall of 1.88 million BTC at $97,000, while the support at $94,500 is backed by just 695,000 BTC. Martinez remarked that this imbalance could play a key role in the next move. This indicates that there is a greater supply than demand for the flagship crypto, which puts it at risk of dropping lower before it rallies to new highs.
In another X post, the analyst also noted that a decline in Bitcoin’s mining activity has historically been followed by prolonged price corrections. This suggests BTC could still drop lower before another rally to new local highs.
BTC’s Long Term Outlook Is Still Bullish
In an X post, crypto analyst Titan of Crypto stated that the long-term trend for the Bitcoin price remains bullish. This came as he noted that Bitcoin is still in the consolidation range. He added that as long as BTC stays within the range, there is no clear short-term direction for the flagship crypto.
Meanwhile, Martinez stated that the market is currently in the ‘depression’ stage of the market cycle. This suggests that the Bitcoin price is still bound to record one last pump before this cycle ends. The ‘disbelief’ stage usually comes after the depression stage, during which the flagship crypto enjoys a ‘sucker’s rally.’
At the time of writing, the Bitcoin price is trading at around $95,300, down in the last 24 hours, according to data from CoinMarketCap.
