Crypto expert predicts ‘violent crash’ for Bitcoin; Here’s why
Crypto expert predicts ‘violent crash’ for Bitcoin; Here’s why 
Cryptocurrency Aug 13, 2024 Share
With Bitcoin (BTC) still struggling to surpass and stay over the critical psychological price level at $60,000, some cryptocurrency experts predict another massive crash before the maiden crypto asset can continue toward making new all-time highs (ATHs).
As it happens, Bitcoin has been increasing its dominance in recent weeks, signaling the possibility of a strong crash as it happened before, according to the observations shared by pseudonymous crypto market analyst Mikybull Crypto in an X post on August 12.
Bitcoin crash before recovery
Specifically, the crypto trading expert has noted that Bitcoin’s “crash down will be as violent as it was after the cycle bottom signal,” matching the flagship decentralized finance (DeFi) asset’s dominance cycle top confirmation, as the analyst’s chart demonstrates.
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Bitcoin dominance vs. price. Source: Mikybull
On the other hand, Mikybull has also pointed out that its “next target as it begins its wave (5) expansion will be first $95k and then $142k,” both of which would represent new ATHs for the largest asset in the crypto sector by market capitalization, up 60% and 140% from its current price after the potential Bitcoin crash, albeit sometime in 2025.
Bitcoin price performance analysis and prediction. Source: Mikybull
What others say
Earlier, another pseudonymous crypto analyst, TheMoonCarl, highlighted that Bitcoin was facing key resistance, which, if it manages to breach, could lead it to hit the price target of $125,000, perhaps in September this year, in a prediction based on a ‘cup and handle’ chart pattern, as Finbold reported on August 12.
Bitcoin performance analysis and prediction. Source: TheMoonCarl
At the same time, TheScalpingPro, a.k.a Mags, shared a similar sentiment as the other crypto analysts, arguing that Bitcoin is “inside a massive possible parabolic curve,” which could see it accelerate toward a possible ‘sell point’ at the top of the curve that culminates at around $180,000.
Bitcoin price performance analysis and prediction. Source: TheScalpingPro
Bitcoin price analysis
Meanwhile, Bitcoin was at press time changing hands at the price of $59,130, which suggests a 0.83% gain in the last 24 hours, adding up to the increase of 6.47% across the previous seven days and reducing the 1.28% loss in the past month, as per data obtained on August 13.
Bitcoin price 7-day chart. Source: Finbold
All things considered, crypto analysts seem optimistic regarding the asset’s future price performance despite occasional corrections like the possible upcoming Bitcoin crash. However, trends in this market can easily change, so doing one’s own research and understanding all the risks is critical when investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
