Bitcoin Bull Market Is Over? Analyst Calls 50% Crash To $60,000

Crypto analyst Xanrox suggests the current bullish cycle for Bitcoin is nearing its end. He highlights a potential downtrend that could lead to a price crash to $60,000. This comes as Bitcoin consolidates around $118,000, prompting a reassessment of its future direction. Xanrox identifies a sell signal on the weekly chart, aligning with Fibonacci extensions and a long-term trendline. He believes Bitcoin's recent all-time high of $122,800 may have marked the cycle's peak. According to his analysis, the Elliott Wave structure indicates the completion of a rising wedge and an impulse move. This suggests a corrective phase is imminent, potentially leading to a significant decline. Past instances show substantial price crashes after touching similar trendlines. Historical data also points to increased selling pressure in August and September. While confirmation like a break below the 50-week moving average is possible, Xanrox believes the top is already in. This view contrasts with prevailing market sentiment, where many analysts expect further upward movement. Strong on-chain signals, including the hold above $118,000 and bullish altcoin indicators, suggest more room for Bitcoin to run before its ultimate peak.