The Bitcoin price has seen a massive downside this week going into the FOMC meeting on Wednesday. The digital asset’s price saw a sharp 8% drawdown, which sent its price below $57,000, its lowest point in two months. While this came as a surprise to many, one crypto analyst in particular was able to pinpoint this crash, and their analyst shows where the Bitcoin price might be headed next.
Crypto Analyst Predicts Bitcoin Price Crash
Crypto analyst RLinda has been one of the few analysts who accurately predicted this Bitcoin price crash. In an April 27 post on the TradingView website, when the BTC price was still trending above $63,000, the analyst had predicted that the price was headed for a crash.
RLinda’s analysis followed the accumulation and liquidity trend of the cryptocurrency, pointing out the levels that were important to the price. In the chart, she outlines where Bitcoin price could fall next, perfectly capturing the decline below $57,000.
This analysis played out over the next one week and BTC has now successfully dropped below $57,000 before bouncing back up again. As shown in the chart, the bulls were also able to maintain support above $56,000 and this provided a bounce-off point for the cryptocurrency.
Source: Tradingview.com
Where The BTC Price Is Headed Next
Now that RLinda’s prediction for a Bitcoin price has played out, the probability that the next stage of the analysis will play out has become high. Despite the price drop, the crypto analyst remains very bullish for the Bitcoin price, predicting a recovery from here.
As bulls have been able to hold above $56,000, RLinda’s analysis predicts a recovery back above $60,000. The three points of interest above this level are the $59,313, $61,447, and $64545 levels. These are the levels for bulls to beat to maintain an uptrend.
Save for some dips here and there, the crypto analyst expects the Bitcoin price to eventually rise to its all-time high above $73,000. From here, it would mean an over 30% increase in the BTC price, a move that will probably see the broader crypto market recover at the same time.
RLinda is not the only analyst that is bullish on the BTC price from here as pseudonymous crypto analyst alfamooz has also predicted a price rally. The latter’s prediction is even more bullish, with the expectation that the pioneer cryptocurrency will reach as high as $100,000.
However, at the time of writing, the bears continue to dominate the Bitcoin price. It is currently trading at $57,500, with a 7% price drop in the last day and an 11% decrease in the last seven days.
BTC price dumps below $58,000 | Source: BTCUSD on Tradingview.com