Analyst Says Wait For The Bitcoin Price Crack To Trigger A 70% Crash – Here’s The Target

Although the price of Bitcoin has rebounded after the flash crash that occurred on October 10, the outlook has not yet turned bullish for the cryptocurrency. Expectations for where the cryptocurrency could end up have been more bearish, especially as sentiment continues to trend toward the negative. As the price failed to reclaim $115,000, the probability of a crash rose, and calls for the next bear market rose.

The price of Bitcoin is set to crash

RealMacro Cryptocurrency Analyst Highlights There is a possibility that the price of Bitcoin will suffer a collapse soon. This comes as Bitcoin price continues to consolidate around the $110,000 level, and has yet to make any meaningful move with momentum from here.

This comes as the cryptocurrency has also shown a lot of weaknesses during this time, and now, a cryptocurrency analyst believes that the price of Bitcoin is at a “critical inflection point.” There is a possibility that Bitcoin price will continue to bounce from here and make a brand new all-time high. However, as the bears gain more strength, the price could still see a major collapse from here.

According to a cryptocurrency analyst, if Bitcoin price was due for a crash hereThe result will be what they call a waterfall retreat. This is usually a sharp decline that sends the price towards new yearly lows, and could result in a double-digit decline.

As for Bitcoin, if this hack occurs, the cryptocurrency analyst believes that the price of Bitcoin could collapse by more than 50%. As a result, the cryptocurrency analyst advises investors to be cautious and try to exit the market before this major collapse occurs.

Not only is the price expected to collapse by more than half, but the analyst also sets a target of less than $30,000. This means a 70% reduction in pricesThis may lead to a broader survey of altcoins in 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 the extreme fear zone, indicating a lack of liquidity flowing into the market. Moving into the fear level, there has been a little bit of improvement, but investors are still very cautious.

However, such times were often the best times to enter the market, as they provided good inputs for investors. But with Bitcoin price is still heading above $100,000Questions abound about what would happen if the price collapsed further.

Featured image from Dall.E, chart from TradingView.com

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