The Bitcoin price has seen a massive downside this week going into the FOMC assembly on Wednesday. The digital asset’s worth noticed a pointy 8% drawdown, which despatched its worth under $57,000, its lowest level in two months. While this got here as a shock to many, one crypto analyst specifically was in a position to pinpoint this crash, and their analyst reveals the place the Bitcoin worth is likely to be headed subsequent.
Crypto Analyst Predicts Bitcoin Price Crash
Crypto analyst RLinda has been one of many few analysts who precisely predicted this Bitcoin worth crash. In an April 27 submit on the TradingView web site, when the BTC price was nonetheless trending above $63,000, the analyst had predicted that the value was headed for a crash.
RLinda’s evaluation adopted the buildup and liquidity development of the cryptocurrency, stating the degrees that have been necessary to the value. In the chart, she outlines the place Bitcoin worth might fall subsequent, completely capturing the decline under $57,000.
This evaluation performed out over the subsequent one week and BTC has now efficiently dropped under $57,000 earlier than bouncing again up once more. As proven within the chart, the bulls have been additionally in a position to preserve assist above $56,000 and this offered a bounce-off level for the cryptocurrency.
Source: Tradingview.com
Where The BTC Price Is Headed Next
Now that RLinda’s prediction for a Bitcoin worth has performed out, the likelihood that the subsequent stage of the evaluation will play out has change into excessive. Despite the price drop, the crypto analyst stays very bullish for the Bitcoin worth, predicting a restoration from right here.
As bulls have been in a position to maintain above $56,000, RLinda’s evaluation predicts a restoration again above $60,000. The three factors of curiosity above this degree are the $59,313, $61,447, and $64545 ranges. These are the degrees for bulls to beat to keep up an uptrend.
Save for some dips right here and there, the crypto analyst expects the Bitcoin price to finally rise to its all-time excessive above $73,000. From right here, it might imply an over 30% enhance within the BTC worth, a transfer that can most likely see the broader crypto market get well on the identical time.
RLinda is just not the one analyst that’s bullish on the BTC worth from right here as pseudonymous crypto analyst alfamooz has additionally predicted a worth rally. The latter’s prediction is much more bullish, with the expectation that the pioneer cryptocurrency will attain as excessive as $100,000.
However, on the time of writing, the bears proceed to dominate the Bitcoin price. It is presently buying and selling at $57,500, with a 7% worth drop within the final day and an 11% lower within the final seven days.
BTC worth dumps under $58,000 | Source: BTCUSD on Tradingview.com
Featured picture from AD, chart from Tradingview.com
