In a publish shared on TradingView, crypto analyst Xanrox argues that the present bullish cycle is almost over, pointing to a possible downtrend that may see the Bitcoin value crash to $60,000. This evaluation comes as Bitcoin is buying and selling inside a really quiet section, prompting many crypto merchants and crypto analysts to start out<\/span> reassessing its next direction.<\/span><\/a><\/p>\n The world\u2019s largest cryptocurrency has been<\/span> hovering just above the $118,000 price level<\/span><\/a> for a number of days now, <\/span>struggling to break decisively <\/span><\/a>above this zone but additionally exhibiting no main indicators of a breakdown. Despite this consolidation, market sentiment stays upbeat.\u00a0<\/span><\/p>\n The crypto concern and greed index continues to flash \u201cgreed,\u201d and most analysts nonetheless argue that Bitcoin is establishing for an additional leg upward. However, an attention-grabbing technical outlook challenges this bullish consensus and points a crash warning.<\/span><\/p>\n Notably, crypto analyst Xanrox <\/span>identified a sell signal <\/span><\/a>on the weekly candlestick timeframe chart after Bitcoin reached the 1.618 Fibonacci extension and touched the long-term 2017\u20132021\u20132025 trendline, with the most recent contact of the trendline aligning to Bitcoin\u2019s current all-time excessive at $122,800.\u00a0<\/span><\/p>\n According to him, the newest contact of this trendline could be the highest of the present cycle. Furthermore, he famous that the Elliott Wave construction has now accomplished Wave 5 of a rising wedge and a bigger Wave 5 impulse transfer. As such, a corrective section is about to start out.<\/span><\/p>\n As proven within the chart under, the following main transfer may very well be at the very least a 50% decline, with Bitcoin dropping to round $60,000 by 2026. This projection is predicated on earlier value motion, the place Bitcoin launched into 84% and 77% value crashes after touching the trendline in 2017 and 2021, respectively.<\/span><\/p>\n The technical setup additionally aligns with statistical knowledge that exhibits August and September traditionally convey elevated promoting strain. Xanrox famous that whereas merchants can anticipate additional affirmation, reminiscent of a break under the 50-week transferring common, he personally believes the highest is already in. Large establishments {and professional} traders pay shut consideration to the 20, 50, 100, and 200-period transferring averages.<\/span><\/p>\n Related Reading: Bitcoin Short Squeeze Incoming As Market Makers Set Trap To Go Above $123,000<\/a><\/p>\n Xanrox\u2019s outlook is a pointy distinction to the<\/span> prevailing sentiment among crypto investors<\/span><\/a>. Bitcoin\u2019s present construction continues to be exhibiting power on greater timeframes, and several other different analysts see the current consolidation between $117,000 and $119,000 as a base for continuation towards $130,000 and past.\u00a0<\/span><\/p>\n The lack of main sell-side quantity, the agency maintain above the $118,000 value degree and the 50-week transferring common, and <\/span>bullish indicators across altcoins<\/span><\/a> like Ethereum are on-chain alerts that the Bitcoin value <\/span>still has more room to run<\/span><\/a> earlier than it reaches a peak value this cycle.<\/span><\/p>\n Featured picture from Pixabay, chart from Tradingview.com<\/p>\n<\/div>\nXanrox Predicts Bitcoin Top At $122,000 And Crash To $60,000<\/h2>\n
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What\u2019s Next For Bitcoin?<\/h2>\n
![\"Bitcoin\"](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/07\/Bitcoin-chart-from-Xanrox.png?w=512&resize=512%2C220\")