Despite the Bitcoin price bouncing back from its October 10 flash crash, the expectations are yet to turn bullish for the cryptocurrency. Predictions for where the cryptocurrency could end have been more bearish, especially with sentiment still learning toward the negative. With the price failing to reclaim $115,000, the likelihood of a crash has risen, and calls for the next bear market have grown even louder.
Bitcoin Price Is Set To Crack
Crypto analyst RealMacro highlights that there is the possibility that the Bitcoin price could suffer a crack soon. This comes as the Bitcoin price is continuing to consolidate around the $110,000 level, and has not made any meaningful move with momentum from here.
This comes as the cryptocurrency has also shown a lot of vulnerability during this time, and now, the crypto analyst believes that the Bitcoin price is at a “critical inflection point.” There is the possibility that the Bitcoin price can still bounce from here and make a brand-new all-time high. However, as the bears are gaining more ground, the price could still see a major breakdown from here.
According to the crypto analyst, if the Bitcoin price were to see a breakdown here, the result would be what they call a waterfall decline. This is usually a sharp decline that sends the price toward new yearly lows, and would result in a double-digit decline.
For Bitcoin, if this crack occurs, then the crypto analyst believes that the Bitcoin price could crash by more than 50%. As a result, the crypto analyst advises investors to be wary and try to be out of the market before this major crash happens.
Not only is the price expected to crash by more than half, but the analyst also sets a target below $30,000. This would mean a 70% decrease in the price, and probably lead to an ever wider wipeout for altcoins in the market.
Presently, the Bitcoin Fear & Greed Index is still showing a lot of fear in the market. Earlier this week, the index drove into the Extreme Fear territory, suggesting that there wasn’t liquidity flowing into the market. With a move up into fear, there has been a bit of improvement, but investors are still very wary.
Nevertheless, times like these have often been the best times to get into the market, as they provide good entries for investors. But with the Bitcoin price still trending above $100,000, questions abound as to what would happen if the price crashed further.
Featured image from Dall.E, chart from TradingView.com
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