After the price of Bitcoin dropped below $70,000, bearish predictions have increased again and analysts are pushing for further declines. Crypto analyst Xanrox highlights a possible fall in the price of bitcoin in the latest analysis and explains why the leading cryptocurrency is likely to go down and then go up. And the most interesting part of this prediction is the short time frame that BTC price is expected to fall by around 40% again.
Why is the price of Bitcoin reaching $42,000?
So far, there have been numerous support points where the Bitcoin bears have encountered resistance from the bulls. The most recent support is at $62,000, where the price has risen further. However, crypto analyst Xanrox does not see this support for the digital asset being too long.
This support is above the 200-week moving average and the 0.618 Fibonacci level, which explains its strength. But even that is not expected to keep the price from bleeding further. Instead, it makes the point to hit the bears to start the latest wave of crashes.
At the moment, the crypto analyst believes that the price of Bitcoin is still in a state of depreciation, because there is nothing to stop it. This “state of free fall” is categorized by the lack of a significant upward recovery, the elimination of gains in a short period of time after a small bump, and the fall without seeing any upward trend.
Once the support is broken at the 0.618 Fib level and the 200-Week MA, it is likely that the price will rise, then the main crash will begin. This cash target is 40% below current price levels, putting it below $50,000. The crypto analyst predicts that the price of Bitcoin may fall as low as $42,000 to re-enter the support.
The $42,000 level is important because it is an important point for large whales, Xanrox says. This is due to the fact that a large number of stop losses are placed at this level and it is located at the bottom of the previous wave 4. In addition, all this is expected to happen in 2026, and the crypto analyst sets the third quarter of the year at the end.
Already, altcoins are bleeding, but an analyst says that if this ends, there will be no altcoin season at all. This is because, despite the fall in the price of Bitcoin, altcoins have continued to struggle, and BTC’s dominance continues to grow. In such conditions, the recovery of the altcoin market is very rare.
Featured image from Dall.E, chart from TradingView.com
Editing process because bitcoinist is committed to delivering comprehensive, accurate and unbiased content. We adhere to strict sourcing standards and every page is rigorously reviewed by a team of top technology experts and experienced editors. This process ensures the integrity, relevance and value of our content to our readers.
