Crypto Analyst Warns of Possible 50% Bitcoin Price Crash to $60K Based on Technical Signals

In my analysis, I see that NewsBTC reports views from crypto analyst Xanrox, who believes that Bitcoin's current bullish phase might be coming to an end, with a potential sharp decline down to $60,000. This opinion is based on technical signals like the 1.618 Fibonacci extension, the touch of long-term trendlines, and completed Elliott Wave structures, suggesting that a correction could be imminent. Despite Bitcoin trading around $118,000 to $122,000 and many market sentiment indicators still showing greed and expectations of further gains, Xanrox's technical analysis introduces a cautionary perspective. His projection of an 84% or 77% decline aligns with historical crash patterns after touching key trendlines, which adds weight to his bearish outlook. However, it’s important to consider that other analysts and current on-chain data indicate strength in Bitcoin’s recent consolidation, with sustained levels above $118,000 and bullish momentum in altcoins like Ethereum. These signals suggest that the market might have more upside potential, possibly pushing towards new highs beyond $130,000. Overall, while the technical indicators and historic patterns support caution and the possibility of a significant correction, the broader market sentiment and current on-chain strength indicate that Bitcoin might still have room to grow in the near term. Investors should weigh these conflicting signals carefully, paying attention to key support levels and moving averages before making decisions.