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A crypto market expert has shared a grim Bitcoin (BTC) forecast, warning that a major price crash could be on the horizon for the leading cryptocurrency. The analyst noted that Bitcoin’s recent break below a critical support level may have opened the door for a deeper decline that could potentially send its price to much lower levels. He acknowledged that the market remains firmly in a bearish phase and expects more choppy price action before the anticipated breakdown occurs.
Why Bitcoin Could Face A Bad Crash Soon
A crypto analyst known as Tony Research has issued a warning to Bitcoin traders and investors, declaring “something bad is coming.” In an X post on June 2, he revealed that just a few hours earlier, Bitcoin had lost a key support level after testing and failing to hold the $70,000 zone. A few days before that breakdown, the analyst also noted that he had forewarned that such a move could occur.
Now, Tony Research has outlined what the broader market should expect moving forward. To provide more clarity and context, he also gave a detailed breakdown of the events and price movements that occurred before and during BTC’s latest support breakdown.
Before losing this key support, Tony Research noted that Bitcoin had undergone a deep price correction from the 0.618 Fibonacci level and the 200-day Moving Average (MA). He explained that the cryptocurrency had broken a long-term ascending channel that had been forming since the beginning of the year.
His accompanying chart shows that BTC had been trading within a narrow range inside this channel, breaking above it only once when it briefly surpassed the $80,000 level. That rebound, however, was short-lived, as the price quickly resumed its decline, leading to the current lows.
Source: X
Tony Research added that Bitcoin is now trading below the Ichimoku Cloud after breaking the lower boundary of the ascending channel. He warned that this is a major bearish signal, potentially triggering Bitcoin’s largest price crash yet and putting investors and bullish traders at serious risk of losses.
What Comes Next For The BTC Price
In his analysis, Tony Research outlined the next moves Bitcoin investors should watch out for. First, he expects a bounce from $67,000 to around $74,000, signaling a short-term relief rally.
After that rebound, Tony Research predicts BTC could plunge toward new lows below $60,000. His chart specifically points to key downside targets ranging between $56,000 and $54,000. He noted that once this decline runs its course, the bear trap may be complete, potentially marking a final bottom for the cryptocurrency.
The analyst also warned that expecting a bull market at this stage would be “foolish.” He said investors should anticipate multiple short-term rebounds even as Bitcoin continues its downtrend.
BTC price struggles as bears breach $63,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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