This Analyst Called The Bitcoin Price Crash Early, Total Prediction Says More Pain Is Coming

Crypto analyst Akademik, who early predicted the Bitcoin price crash, has revealed his short and mid-term predictions for the flagship crypto’s price trajectory.

What Next For The Bitcoin Price

In a TradingView post, Akademik predicted that Bitcoin’s price could drop as low as $80,000, while outlining his short trading strategy for the flagship crypto moving forward. His accompanying chart showed potential pullbacks to the $80,000 range or possibly even as low as $60,000.

In advising traders to continue shorting BTC, he indicated an expectation for this downtrend to persist, suggesting market entry at the trend level highlighted on his charts, depending on activity or volumes.

Currently, Bitcoin presents a bearish outlook, having fallen to the $93,000 range yesterday before recovering above the psychological support level of $95,000. Analyst Ali Martinez noted in a post on X that Bitcoin faces a supply wall of 1.88 million BTC at $97,000, with only 695,000 BTC backing the support at $94,500. Martinez suggested that this imbalance of supply and demand might significantly influence Bitcoin’s next move, presenting risks of a further drop before potentially soaring to new highs.

Additionally, Martinez observed that historical declines in Bitcoin’s mining activity usually precede prolonged price corrections, indicating that BTC might experience further declines before any rally.

BTC’s Long Term Outlook Is Still Bullish

Despite the short-term bearish sentiment, analyst Titan of Crypto stated that Bitcoin’s long-term trend remains bullish, emphasizing that Bitcoin is currently in a consolidation phase. He noted that until BTC exits this range, there would be no clear short-term directional indicators.

Martinez also mentioned that the market is in the ‘depression’ stage of its cycle, implying that Bitcoin might record one last pump before reaching the subsequent ‘disbelief’ stage, which usually involves a ‘sucker’s rally.’

At the time of writing, Bitcoin trades around $95,300, down from previous valuations over the last 24 hours, according to CoinMarketCap data.

Chart from Tradingview.com