The Bitcoin worth has seen a large draw back this week going into the FOMC assembly on Wednesday. The digital asset’s worth noticed a pointy 8% drawdown, which despatched its worth under $57,000, its lowest level in two months. Whereas this got here as a shock to many, one crypto analyst specifically was in a position to pinpoint this crash, and their analyst reveals the place the Bitcoin worth could be headed subsequent.
Crypto Analyst Predicts Bitcoin Worth Crash
Crypto analyst RLinda has been one of many few analysts who precisely predicted this Bitcoin worth crash. In an April 27 put up on the TradingView web site, when the BTC worth was nonetheless trending above $63,000, the analyst had predicted that the value was headed for a crash.
RLinda’s evaluation adopted the buildup and liquidity pattern of the cryptocurrency, stating the degrees that have been essential to the value. Within the chart, she outlines the place Bitcoin worth might fall subsequent, completely capturing the decline under $57,000.
This evaluation performed out over the following one week and BTC has now efficiently dropped under $57,000 earlier than bouncing again up once more. As proven within the chart, the bulls have been additionally in a position to keep help above $56,000 and this offered a bounce-off level for the cryptocurrency.
Supply: Tradingview.com
The place The BTC Worth Is Headed Subsequent
Now that RLinda’s prediction for a Bitcoin worth has performed out, the chance that the following stage of the evaluation will play out has grow to be excessive. Regardless of the value drop, the crypto analyst stays very bullish for the Bitcoin worth, predicting a restoration from right here.
As bulls have been in a position to maintain above $56,000, RLinda’s evaluation predicts a restoration again above $60,000. The three factors of curiosity above this degree are the $59,313, $61,447, and $64545 ranges. These are the degrees for bulls to beat to take care of an uptrend.
Save for some dips right here and there, the crypto analyst expects the Bitcoin worth to ultimately rise to its all-time excessive above $73,000. From right here, it could imply an over 30% enhance within the BTC worth, a transfer that may most likely see the broader crypto market get better on the identical time.
RLinda just isn’t the one analyst that’s bullish on the BTC worth from right here as pseudonymous crypto analyst alfamooz has additionally predicted a worth rally. The latter’s prediction is much more bullish, with the expectation that the pioneer cryptocurrency will attain as excessive as $100,000.
Nonetheless, on the time of writing, the bears proceed to dominate the Bitcoin worth. It’s presently buying and selling at $57,500, with a 7% worth drop within the final day and an 11% lower within the final seven days.
BTC worth dumps under $58,000 | Supply: BTCUSD on Tradingview.com
Featured picture from AD, chart from Tradingview.com