Crypto Market Outlook: Is Bitcoin About to Crash to $60K?

In my perspective, the recent analysis by crypto analyst Xanrox introduces a bearish outlook for Bitcoin, suggesting that the current bull market may be nearing its end with a potential drop to $60,000 by 2026. He emphasizes technical indicators such as the Fibonacci extension, trendline touches, and Elliott Wave patterns—particularly the completion of Wave 5 in a rising wedge—as signals that a corrective phase is imminent. Xanrox’s projection of a significant decline aligns with historical large-scale crashes following trendline touches in prior bullish cycles, which lends some credibility to his cautious stance. He also points out the potential of a 50% correction, supported by classical technical analysis and statistical seasonal trends, indicating heightened risk especially in upcoming months like August and September. However, it's worth noting that contrary to Xanrox’s bearish prediction, many other market participants maintain a bullish outlook, driven by macroeconomic factors, on-chain metrics, and strong support levels around $118,000. The current consolidation phase and the resilience above key moving averages suggest that Bitcoin might continue its upward momentum toward new cycle highs, possibly surpassing $130,000. The divergence in analyst opinions highlights the importance of closely monitoring technical signals, market sentiment, and macro factors. While caution is warranted given the technical warning signals, the overall market structure and on-chain data currently support continued bullish momentum. Investors should prepare for both possibilities and consider risk management strategies accordingly.