Recently, a crypto strategist known as Xanrox accurately predicted the current Bitcoin downtrend, suggesting that the decline in the crypto market may only be just beginning. Even when the market was euphoric with Bitcoin climbing above $70,000, Xanrox foresaw a possible price decline. This prediction was based on Xanrox’s analysis on the TradingView website, where various indicators pointed towards a retracement in Bitcoin’s price.
One of the indicators highlighted by Xanrox is the “FVGAP” created at $62,000, suggesting a bullish trend for Bitcoin. According to Xanrox, gaps like these are typically filled sooner rather than later, implying an imminent retrace. Additionally, the Elliott Wave perspective indicated that Bitcoin had completed the first impulsive Wave 1, with Wave 2 expected to be bullish. Xanrox also mentioned the formation of a corrective ABC pattern and a red trend line breakdown, both of which were bearish signals.
Since the initial prediction, Bitcoin has already broken below $68,000, aligning with Xanrox’s forecast. The analyst has now updated the post, pointing out the breakdown of another red trend line, reinforcing the negative outlook for Bitcoin’s price. Moreover, Xanrox identified a symmetrical triangle formation, expected to result in a price drop. The original chart indicates a potential decline towards $62,000, signifying over a 10% decrease in price, which could have significant market implications.
As per Xanrox’s warning, he remains bearish, cautioning investors to be vigilant during the summer, as Bitcoin’s price action tends to be less volatile during this season. Currently, Bitcoin is trading just below $68,000, experiencing a 2.7% loss over the past week. Despite this recent dip, the pioneer cryptocurrency is still showing 10.28% gains on a monthly basis.
Xanrox’s accurate prediction of Bitcoin’s downtrend serves as a reminder of the importance of technical analysis in the crypto market. The various indicators and patterns highlighted by the analyst offer valuable insights into potential price movements and market trends. As investors navigate the volatile crypto market, staying informed about expert predictions and analysis can help make informed decisions and navigate market fluctuations effectively.
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