Bitcoin has been in a notable state of flux recently after recovering from the crash below $60,000 and establishing support above $61,000. However, with the pioneer cryptocurrency failing to completely beat important resistance points such as $63,500, bearish sentiment continues to dominate the market. Amid this, one crypto analyst has predicted that the Bitcoin crash is far from over, forecasting much lower figures than anticipated.
In a new analysis of the Bitcoin price, crypto analyst Alan Santana has predicted a possible price crash in the near future. The analysis, which was posted on the TradingView website, takes into account the past performances of the cryptocurrency, identifying various points such as a maximum pain point.
Santana points out that for Bitcoin, the maximum pain point currently lies between the 0.618 and 0.786 Fibonacci retracement levels. This means that the Bitcoin price has far from bottomed, going by this analysis. Since the Fibonacci retracement levels are still so low currently.
Based on this, the crypto analyst believes that the price will continue to crash with the maximum pain point sitting around $34,900 and $42,855. Going by this prediction, it means that the Bitcoin price could crash as high as 45% from its current level if it does play out.
Interestingly, despite expecting such a massive price crash, the crypto analyst does not believe that the price will fall further. In fact, he points out that the Bitcoin price will never fall below the $30,000 price level ever again.
Closing the analysis with some words for investors and traders, the crypto analyst advises, “Update your numbers, update your trades, update everything. These are the new numbers.”
Not Everyone Is Bearish
While Alan Santana’s prediction is very bearish for the Bitcoin price, not all analysts have gone the negative route. In fact, with the 20% BTC price crash, some crypto analysts believe that the worst is already over and that the pioneer cryptocurrency will see a bounce soon.
One of the crypto analysts who predicts a bounce in the price is Doctor Bitcoin, who also posted his analysis on the TradingView website. According to the crypto analyst, this is actually the time buy BTC due to a harmonic pattern that has appeared in the chart, which points to a bullish reversal pattern. For the target, Doctor Bitcoin has predicted a possible rise to $85,000, which would be around a 35% move from the current price point.
At the time of writing, the Bitcoin price is trending at $62,800, showing a 2.26% increase in the last 24 hours.
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