Despite the Bitcoin price rebounding from the October 10th flash crash, expectations for the cryptocurrency have yet to turn optimistic. Predictions for where the cryptocurrency could end up have become more bearish, especially with sentiment still trending in a negative direction. With the price failing to regain $115,000, the likelihood of a collapse has increased and calls for the next bear market have grown louder.
Bitcoin price is set to break
Cryptocurrency analyst RealMacro highlights that the Bitcoin price is likely to collapse soon. This is happening as the Bitcoin price continues to consolidate towards the $110,000 level and is unlikely to gain momentum from there, making any meaningful moves.
This comes as the cryptocurrency has also shown many vulnerabilities during this period, and now the cryptocurrency analyst believes that the Bitcoin price is at a “critical inflection point.” There is still a chance that Bitcoin price will bounce back from here and hit all-time highs. However, the price could still see a big pullback from here as the downtrend gets stronger.
According to cryptocurrency analysts, if the Bitcoin price collapses from here, the result would be a waterfall drop. This is usually a sharp decline in price toward a new annual low, resulting in a double-digit decline.
In the case of Bitcoin, if such a crack occurs, cryptocurrency analysts believe that the price of Bitcoin could plummet by more than 50%. As a result, cryptocurrency analysts advise investors to be cautious and get out of the market before such a major crash occurs.
Not only is the price expected to fall by more than half, but analysts have also set a target below $30,000. This would mean a 70% decline in price and would probably lead to the wipeout of the altcoin from the market.
Currently, the Bitcoin Fear and Greed Index is still showing a lot of fear in the market. Earlier this week, the index entered Extreme Fear territory, suggesting that liquidity was not flowing into the market. There has been some improvement as fears have grown, but investors remain very cautious.
Nonetheless, times like these are often the best times to enter the market as they provide investors with good entry opportunities. However, with the price of Bitcoin still trending above $100,000, there are many questions about what will happen if the price falls further.
Featured image by Dall.E, chart by TradingView.com
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