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Bitcoin

Analyst Predicts Bitcoin Price Breakdown — Here’s The Best Time To Buy

Scott Matherson
by Scott Matherson
1 month ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Bitcoin price continues to trend very close to its all-time high levels and has dominated the market in terms of gains over the last few months. Given how much the price has grown during this time period, expectations have begun to skew toward a possible drawdown as the price moves to correct after continuously moving upward. This is highlighted by crypto analyst Xanrox, who has warned investors of an impending Bitcoin price crash and revealed the best time to actually buy the digital asset.

Analyst Calls Out Bitcoin Price Recovery As Takeout

Over the last week, the Bitcoin price has climbed higher and briefly moved above the $110,000 level before rolling back downward. This has pointed to a steady climb in participation as crypto investors begin to make their bets once again. However, while the market has celebrated this climb, crypto analyst Xanrox has called it out for being a bearish development.

Related Reading: Ripple CTO Makes Major Revelations: Early XRP Entry, Mined Bitcoins — Here’s The Details

The analysis focuses on the Bitcoin price uptrend that saw it tap $110,000. But he points out that instead of a clean break, the digital asset had failed to continue its uptrend even after breaking out of its descending channel. Given this, Xanrox explains that this is a false breakout of a pattern, or what is commonly known in the crypto community as a “bull trap.”

The thing about bull traps is that they are ultimately bearish in nature. So, while the Bitcoin price seems to be in an uptrend, if Xanrox is right, then it means that the cryptocurrency will be seeing a downturn soon, and that will trigger a price crash.

Additionally, the analyst explains that the uptrend from the past week has now trapped bulls in long positions, while whales will need liquidity from orders and stop losses. Thus, to grab this liquidity, whales will need to drive the price downward, and the 0.618 Fibonacci retracement of the previous impulse wave just below $103,000 is the most likely culprit.

Bitcoin price crash
Source: TradingView

When Is The Best Price To Enter BTC?

To figure out where the Bitcoin price might be headed next, the crypto analyst applies the Elliot Wave Theory to the current trend. He explains that Wave 1 is already complete, meaning the bearish Wave 2 is now in play, which is an ABC correction.

Related Reading: Ethereum To Outperform Bitcoin: Buy Before Mid-August, Analyst Warns

With this correction forming, the analyst advises investors to wait before entering a long position. The 0.618 Fibonacci retracement level lies at $102,909, making it the best time to enter the digital asset. Xanrox also points out that there is an unfilled Fair Value Gap (FVG) between $102,000 and $104,000 that is expected to fill quickly during this time.

However, despite the expected retracement, the overall trend for the Bitcoin price remains bullish with the Elliot Wave Theory. If Wave 2 plays out completely, then Wave 3 is expected to begin, which is usually an even more bullish move compared to Wave 1, and could put BTC on the path to new all-time highs.

Bitcoin price chart from TradingView.com
BTC price fails $109,000 retest | Source: BTCUSD on TradingView.com
Featured image from Dall.E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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