Veteran Trader Predicts Bitcoin Price Will Crash to $28k – Here’s Why

2024-8-5 17:30

A veteran crypto trader known as Xanrox has shared a controversial analysis on TradingView yesterday. He is predicting a huge downturn in the crypto market. And, at least so far, he’s been right on spot here.

The trader’s forecast suggests that the BTC price could plummet to $28,000, with various factors that could contribute to this potential crash.

Xanrox’s analysis includes several contentious statements about the cryptocurrency space. The trader suggests a high probability of crypto entering a 10-20 year bear market, which would be devastating for investors and the industry as a whole. This is a bizarre twist, but he makes an unsubstantiated claim about Bitcoin’s creator, Satoshi Nakamoto, being an extraterrestrial entity, a statement that lacks any credible evidence.

Source: TradingView/Xanrox

The analyst goes on to argue that Bitcoin’s decentralization is a myth, asserting that it’s controlled by large-scale miners rather than individual users. This claim challenges one of the fundamental principles of Bitcoin’s design. Xanrox also believes that central banks could potentially perform a 51% attack on the Bitcoin network, a scenario that would undermine the security and integrity of the entire system.

In a surprising comparison, the trader equates stablecoins and Bitcoin to Central Bank Digital Currencies (CBDCs). While these claims are highly speculative and lack concrete evidence, they highlight the ongoing debates and concerns within the cryptocurrency community.

Technical Analysis and Market Predictions

Xanrox’s technical analysis focuses on Bitcoin’s recent price movements and potential future trends. The trader identifies a completed major impulse wave from $15,476 to $73,777, suggesting that a retracement is likely. He points out potential buying zones between $28,103 and $33,790, corresponding to the 0.618 and 0.5 Fibonacci levels.

.rh-colortitlebox{margin-bottom:30px;background:#fff;line-height:24px;font-size:90%}.rh-colortitlebox .rh-colortitle-inbox{display:flex;align-content:center;padding:15px;font-weight:700;font-size:110%; line-height:25px}.rh-colortitlebox .rh-colortitle-inbox i{line-height:25px; margin:0 10px; font-size:23px}.rh-colortitlebox .rh-colortitle-inbox svg{width:25px;margin-right:10px}.rh-colortitlebox .rh-colortitle-inbox-label{flex-grow:1}.rh-colortitlebox .rh-colortitlebox-text{padding:20px}.rh-colortitlebox-text>*{margin-bottom:20px}.rh-colortitlebox-text>:last-child{margin-bottom:0} Next Big Airdrop?.rh-toggler-open{height:auto !important} .rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important} .rh-toggler-open .rh-tgl-hide{display:block !important} .rh-tgl-show, .rh-tgl-hide{cursor:pointer} .rh-contenttoggler *{box-sizing: border-box !important} .rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;} .rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}

Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!

Show more +Show less –

On the chart, Xanrox notes an ascending parallel channel, indicating a potential bearish reversal pattern. The analysis also highlights two unfilled Fair Value Gaps (FVGs) that the trader believes are likely to be filled. Despite identifying these potential buying zones, Xanrox strongly advises against purchasing Bitcoin, citing his belief in an impending long-term bear market.

Read also: Ethereum Ecosystem Takes a Hit: Lido DAO (LDO) and Arbitrum (ARB) Prices Plummet

The trader also mentions that September has historically been a bearish month for Bitcoin, which could contribute to further downward pressure on the price. This seasonal pattern, combined with the technical indicators, forms the basis of Xanrox’s bearish outlook.

Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?
Get all our future calls by joining our FREE Telegram group.

We recommend eToro 74% of retail CFD accounts lose money. Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.

The post Veteran Trader Predicts Bitcoin Price Will Crash to $28k – Here’s Why appeared first on CaptainAltcoin.

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 19.117m EMD / 32m EMD

crypto veteran trader market downturn predicting huge

crypto veteran → Результатов: 126


Trading Guru Sees Bullish Future for Ethereum, Targets $5,600 in Latest Analysis

Ethereum has so far witnessed intensified attention from the crypto community following the swirling reports of the likely launch of Ethereum spot exchange-traded-funds (ETFs) next week. Of those giving the asset increasing attention is Peter Brandt, a veteran trader who has recently shared exciting insights into Ethereum’s price action.

2024-7-17 10:00


September Surprise? Bitcoin Could Hit $150,000 If History Repeats – Veteran Trader

Crypto investors are eagerly awaiting the next chapter in Bitcoin’s story, and this veteran trader just offered a potential plot twist. Related Reading: Crypto Crime Busters: China, UAE Vow To Combat Telecom Fraud And Online Gambling In his analysis, Peter Brandt suggests Bitcoin could gallop towards a record-breaking peak of $130,000 to $150,000 by late […]

2024-6-3 16:00


The Crypto Landscape – Ethereum’s Fluctuations, Dogecoin’s Surge, And BlockDAG’s Innovative Speed With A $21M Presale

The cryptocurrency sector is in constant flux, revealing new opportunities for both veteran investors and newcomers. While traditional options like Ethereum and Dogecoin remain popular for their foundational values, emerging technologies like BlockDAG with a presale that has raised $21 million so far, are capturing attention with their groundbreaking features […]

2024-4-29 09:00


Veteran Crypto Analyst Reveals Winning Strategies for Bitcoin’s (BTC) Runes Mania; Here’s His Outlook

According to crypto veteran Udi Wertheimer, with over 190,000 followers on X, the greatly anticipated Rune Coin may experience a meteoric rise upon its airdrop distribution. Significantly, there was no avenue for investors to acquire it previously, creating pent-up demand that could propel substantial initial interest.

2024-4-22 07:45


Veteran Trader Goes All In On Bitcoin (BTC) Again, Says Bears Are “Doomed” – Here’s His Outlook

Popular crypto analyst CryptoCon (@CryptoCon) expressed an optimistic outlook on Bitcoin this week, predicting that further declines are unlikely despite recent price volatility. In a tweet to his over 63,000 followers on Saturday, CryptoCon pointed to data showing strong support around $31,000 from long-term Bitcoin holders: “Bitcoin support doesn’t get much stronger than this! Price […] The post Veteran Trader Goes All In On Bitcoin (BTC) Again, Says Bears Are “Doomed” – Here’s His Outlook appeared first on CaptainAltcoin.

2023-12-2 10:00


Are BlackRock’s Bitcoin ETF Intentions Sinister? Crypto Veteran Sounds Alarm

The cryptocurrency community has eagerly awaited approval of a Bitcoin exchange-traded fund (ETF) in the US, believing it could send prices skyrocketing. However, crypto influencer Alex Becker proposed an alternative theory – that asset management giant BlackRock plans to intentionally sink Bitcoin’s price with their highly-anticipated ETF application.

2023-10-23 17:24


Фото:

Collateral Network (COLT) Presale Set To Explode In 2023, Enjin Coin (ENJ) And Gala (GALA) Prices Left Flat

As most veteran traders know, infusing in innovative projects with excellent long-term upside potential and real-world use cases during their beginning stages is a surefire hit down the road. For this reason, Collateral Network (COLT), currently in its presale stage, has recently made headlines in the crypto world.

2023-4-26 22:30