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Caution: Multiple Experts Predicts Bitcoin’s Likely Crash to $60K
Bitcoin, the leading cryptocurrency has struggled to maintain a rising pattern in the last few weeks. The flagship cryptocurrency recently dipped to $92k before recovering to its present price level of $95,000.
Following the disturbing movement, crypto expert analysts have predicted a likely scenario where Bitcoin could plummet below $60k. The insights, shared on X, have caused panic among investors as they wonder what is next for the coin.
Brace For a Possible Drop to the $70K Range
In a recent post on X (formerly Twitter), Ali Martinez, commonly known as Ali Chartz, shared analysis and predictions from several crypto experts, all pointing to a possible decline below $70,000, and as low as $60k.
He first cited Tone Vays, a prominent derivatives trader, who noted that Bitcoin’s trading below $95k is very disturbing because, at this level, the probability of BTC dropping to $73,000 is highly probable.
#Bitcoin $BTC will CRASH to $60,000!!!At least, that's what some of the most renowned analysts are saying. Let's dive in
— Ali (@ali_charts) December 26, 2024
His second reference was another respected crypto analyst, Peter Brandt. Brandt who previously predicted the Bitcoin crash in 2018 offered his insight into a possible Bitcoin future trajectory.
According to him, Bitcoin’s technical chart suggests that the coin could fall toward the $70k region, citing a right-angled broadening triangle that could lead to a test of the parabolic modality.
Bitcoin Technical chart | Source: Peter Brandt
Data from several crypto transaction trackers suggests that investors are bracing themselves for this likely event. Over the past seven days, over 33k BTC, valued at approximately $3.2 billion were moved from external wallets to crypto exchanges highlighting a major sell-off event.
Moreover, Ali Martinez gave his forecast, stressing that Bitcoin’s correction to $70k is very possible since a drop below the support level of $93,806 is an “open air” to a $70,085 crash.
Bitcoin $60K Crash on Trumps Inauguration Day
Meanwhile, Martinez shared another analysis from Benjamin Cowen, the founder of Into The Cryptoverse. Cowen believes that Bitcoin could imitate the price action of other stocks like Invesco (QQQ), stressing that a possible crash to $60k could happen on the day of Trump’s inauguration.
Martinez also notes that a significant number of investors are taking profits at this stage. As per shared statistics, over $7.17 billion in profits were withdrawn as of December 23.
A Bullish Outlook for Bitcoin
Amid the wave of bearish predictions, Martinez also highlighted a bullish forecast by another prominent crypto figure.
Thomas Lee, the CIO of Fundstrat Capital, believes that even though BTC could decline toward $60k, the coin would surge to a new high of $250k in 2025, triggered by several favorable factors.
At the time of writing, the price of Bitcoin was at $95,731, suffering a 1.08% decline in the last 24 hours. Also, BTC is down by 1.30% in the last seven days, and up by 2.61% in the last 30 days.
Bitcoin daily chart | Source: Coinmarketcap
The post Caution: Multiple Experts Predicts Bitcoin’s Likely Crash to $60K appeared first on Coinfomania.
Following the disturbing movement, crypto expert analysts have predicted a likely scenario where Bitcoin could plummet below $60k. The insights, shared on X, have caused panic among investors as they wonder what is next for the coin.
Brace For a Possible Drop to the $70K Range
In a recent post on X (formerly Twitter), Ali Martinez, commonly known as Ali Chartz, shared analysis and predictions from several crypto experts, all pointing to a possible decline below $70,000, and as low as $60k.
He first cited Tone Vays, a prominent derivatives trader, who noted that Bitcoin’s trading below $95k is very disturbing because, at this level, the probability of BTC dropping to $73,000 is highly probable.
#Bitcoin $BTC will CRASH to $60,000!!!At least, that's what some of the most renowned analysts are saying. Let's dive in
— Ali (@ali_charts) December 26, 2024
His second reference was another respected crypto analyst, Peter Brandt. Brandt who previously predicted the Bitcoin crash in 2018 offered his insight into a possible Bitcoin future trajectory.
According to him, Bitcoin’s technical chart suggests that the coin could fall toward the $70k region, citing a right-angled broadening triangle that could lead to a test of the parabolic modality.
Bitcoin Technical chart | Source: Peter Brandt
Data from several crypto transaction trackers suggests that investors are bracing themselves for this likely event. Over the past seven days, over 33k BTC, valued at approximately $3.2 billion were moved from external wallets to crypto exchanges highlighting a major sell-off event.
Moreover, Ali Martinez gave his forecast, stressing that Bitcoin’s correction to $70k is very possible since a drop below the support level of $93,806 is an “open air” to a $70,085 crash.
Bitcoin $60K Crash on Trumps Inauguration Day
Meanwhile, Martinez shared another analysis from Benjamin Cowen, the founder of Into The Cryptoverse. Cowen believes that Bitcoin could imitate the price action of other stocks like Invesco (QQQ), stressing that a possible crash to $60k could happen on the day of Trump’s inauguration.
Martinez also notes that a significant number of investors are taking profits at this stage. As per shared statistics, over $7.17 billion in profits were withdrawn as of December 23.
A Bullish Outlook for Bitcoin
Amid the wave of bearish predictions, Martinez also highlighted a bullish forecast by another prominent crypto figure.
Thomas Lee, the CIO of Fundstrat Capital, believes that even though BTC could decline toward $60k, the coin would surge to a new high of $250k in 2025, triggered by several favorable factors.
At the time of writing, the price of Bitcoin was at $95,731, suffering a 1.08% decline in the last 24 hours. Also, BTC is down by 1.30% in the last seven days, and up by 2.61% in the last 30 days.
Bitcoin daily chart | Source: Coinmarketcap
The post Caution: Multiple Experts Predicts Bitcoin’s Likely Crash to $60K appeared first on Coinfomania.
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