A veteran crypto trader known as Xanrox has shared a controversial analysis on TradingView yesterday. He is predicting a huge downturn in the crypto market. And, at least so far, he’s been right on spot here.
The trader’s forecast suggests that the BTC price could plummet to $28,000, with various factors that could contribute to this potential crash.
Xanrox’s analysis includes several contentious statements about the cryptocurrency space. The trader suggests a high probability of crypto entering a 10-20 year bear market, which would be devastating for investors and the industry as a whole. This is a bizarre twist, but he makes an unsubstantiated claim about Bitcoin’s creator, Satoshi Nakamoto, being an extraterrestrial entity, a statement that lacks any credible evidence.
Source: TradingView/Xanrox
The analyst goes on to argue that Bitcoin’s decentralization is a myth, asserting that it’s controlled by large-scale miners rather than individual users. This claim challenges one of the fundamental principles of Bitcoin’s design. Xanrox also believes that central banks could potentially perform a 51% attack on the Bitcoin network, a scenario that would undermine the security and integrity of the entire system.
In a surprising comparison, the trader equates stablecoins and Bitcoin to Central Bank Digital Currencies (CBDCs). While these claims are highly speculative and lack concrete evidence, they highlight the ongoing debates and concerns within the cryptocurrency community.
Technical Analysis and Market Predictions
Xanrox’s technical analysis focuses on Bitcoin’s recent price movements and potential future trends. The trader identifies a completed major impulse wave from $15,476 to $73,777, suggesting that a retracement is likely. He points out potential buying zones between $28,103 and $33,790, corresponding to the 0.618 and 0.5 Fibonacci levels.
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On the chart, Xanrox notes an ascending parallel channel, indicating a potential bearish reversal pattern. The analysis also highlights two unfilled Fair Value Gaps (FVGs) that the trader believes are likely to be filled. Despite identifying these potential buying zones, Xanrox strongly advises against purchasing Bitcoin, citing his belief in an impending long-term bear market.
Read also: Ethereum Ecosystem Takes a Hit: Lido DAO (LDO) and Arbitrum (ARB) Prices Plummet
The trader also mentions that September has historically been a bearish month for Bitcoin, which could contribute to further downward pressure on the price. This seasonal pattern, combined with the technical indicators, forms the basis of Xanrox’s bearish outlook.
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