One crypto strategist, known as Xanrox, has made a bold prediction about the future of Bitcoin. Despite the recent climb above $70,000, Xanrox warned the crypto community that a decline in the price of Bitcoin may be on the horizon. This prediction comes at a time when the market is still filled with euphoria and optimism, making it even more significant and impactful.
Xanrox’s analysis is based on several key indicators that suggest a bearish trend for Bitcoin. One indicator is the “FVGAP” that was created at $62,000, which according to Xanrox, could signal a bullish trend for the digital asset. Additionally, the Elliott Wave perspective points to the completion of the first impulsive Wave 1, with Wave 2 expected to be bullish. However, Xanrox also notes the creation of a corrective ABC pattern, a small red trend line breaking down, and a rising wedge pattern – all of which indicate a potential decline in the price of Bitcoin.
Since the initial post by Xanrox on Wednesday, May 29, the Bitcoin price has already broken down below $68,000, supporting the analyst’s prediction. Xanrox has updated the analysis to show where the price could be headed next, pointing out that another red trend line is breaking down after the first. This series of negative indicators, combined with the formation of a symmetrical triangle, suggest that a further decline in price is likely. Xanrox’s original chart shows a breakdown towards the $62,000 level, indicating a potential over 10% decline in the price of Bitcoin.
Xanrox’s warning to the crypto community is clear – be cautious during the summer as the price action for Bitcoin may not be the most volatile. The current price of Bitcoin sits just below $68,000, with 2.7% losses in the last week. While the monthly gains remain positive at 10.28%, the looming prediction of a potential decline in price should not be taken lightly.
Xanrox’s analysis serves as a wake-up call for Bitcoin investors and traders. The warning signs of a possible downturn in price are clear, and it is essential to proceed with caution in such uncertain times. As the market awaits the outcome of Xanrox’s prediction, it is crucial to stay informed and vigilant to protect investments and navigate the turbulent waters of the crypto market.