A cryptocurrency market expert has shared a bleak outlook for Bitcoin (BTC), warning that a major price collapse could be on the horizon for the leading cryptocurrency. The analyst noted that Bitcoin’s recent break below the critical support level may have opened the door to a deeper decline that could send its price to much lower levels. And admit it The market is still firmly in a bearish phase More volatile price movement is expected before the expected collapse occurs.
Why might Bitcoin face a bad crash soon?
A crypto analyst known as Tony Research did just that Issued A warning to Bitcoin traders and investors, declaring that “something bad is coming.” In X’s post on June 2, he revealed that just a few hours ago, Bitcoin lost a key support level then Testing and failing to hold the $70k area. A few days before this collapse, the analyst also indicated that he had previously warned of the possibility of such a move.
Now, Tony Research has outlined what the broader market should expect going forward. To provide more clarity and context, he also provided a detailed analysis of the events and price movements that occurred before and during BTC’s recent support collapse.
Before losing this key support, Tony Research noted that Bitcoin saw a deep price correction from the 0.618 Fibonacci level and the 200-day moving average (MA). He explained that the cryptocurrency had crashed Long term uptrend channel Which has been forming since the beginning of the year.
The accompanying chart shows that Bitcoin was trading within a narrow range within this channel, and only broke above it once. When it briefly crossed the $80,000 level. However, this recovery was short-lived, as the price quickly resumed its decline, bringing it to its current lows.
Bitcoin is now trading lower, Tony Research added Ichimoku cloud After breaking the lower border of the ascending channel. He warned that this is Big bearish signalwhich could lead to the largest Bitcoin price collapse to date and expose bullish investors and traders to a significant risk of losses.
What comes next for the BTC price
In his analysis, Tony Research has identified the next moves that Bitcoin investors should pay attention to. First, it expects a bounce from $67,000 to around $74,000, suggesting that Short-term relief march.
After this rebound, Tony Research expects Bitcoin to do so Sloping towards new lows below $60,000. Its chart specifically points to key downside targets between $56,000 and $54,000. He noted that once this decline runs its course, the bear trap may be complete, which could mark an eventual bottom for the cryptocurrency.
The analyst also warned against expecting this Bull market At this point he would be a “fool.” He said investors should expect multiple recoveries in the short term even as Bitcoin continues its downward trend.
Featured image created with Dall.E, chart from Tradingview.com
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