After Bitcoin’s price rebounded from a drop to $63,000 last week, many expect the upward trend to continue, with some predicting a rally above $70,000. However, one analyst warns of a potential crash that could drive prices much lower before a final bottom is reached.
In a TradingView analysis, EduwaveTrading presents a bearish outlook for Bitcoin in the short term. The analyst notes that Bitcoin failed to reach the previous swing low, suggesting another downward wave may be needed to hit that level. According to this view, Bitcoin may have entered an expanding ending diagonal pattern, which—despite the recent recovery—points to further declines, potentially pushing the price to new yearly lows.
The targeted swing low sits just above $62,000, which could act as a magnet for the price. If the pattern holds, one more sharp drop is expected. Breaking below this swing low could see Bitcoin fall further, possibly below $59,000, before finding support. Given this scenario, the analyst advises investors to wait for this next drop to unfold before entering positions, to avoid potential losses.
Echoing this bearish sentiment, another analyst, Behdark, also predicts another crash for Bitcoin. Behdark points to weakening momentum and a breakdown of the downtrend line as signs that Bitcoin remains in a bearish phase. If selling pressure persists, the analyst sees Bitcoin falling toward $61,000—aligning closely with EduwaveTrading’s swing low target.
Together, these analyses suggest a strong downward move is likely for Bitcoin before sufficient support builds to resume an upward trend.
Frequently Asked Questions
Of course Here is a list of FAQs about a Veteran Trader Predicts One Last Bitcoin Drop Reveals Price Target article designed to be helpful for both beginners and more experienced individuals
General Beginner Questions
1 Who is this veteran trader and should I trust their prediction
This is usually an experienced analyst or fund manager with a long public track record in crypto or traditional markets While their analysis can be insightful no prediction is guaranteed You should use it as one data point among many not as financial advice
2 What is the predicted price target for Bitcoin
The specific target would be mentioned in the article The answer always depends on that particular traders analysis
3 What does one last drop mean
It suggests the trader believes Bitcoins price will experience a final significant decline before entering a new sustained upward trend
4 Why would Bitcoin drop again if its supposed to go up
Markets rarely move in a straight line Drops can happen due to profittaking by investors negative news broader economic factors or to shake out weaker hands before a bigger rally
5 Is this a good time to buy Bitcoin
According to this prediction the good time would be after the predicted drop near their stated price target The classic advice based on such a view is Wait for the dip to buy
Advanced Strategy Questions
6 What technical indicators or data is this prediction likely based on
Veteran traders often look at SupportResistance levels moving averages trading volume and market sentiment indicators They may also cite macroeconomic factors like interest rates
7 Whats the difference between a price target and a support level
A price target is where the trader expects the price to go after the move A support level is a price zone where the last drop is expected to stop and reverse The drop would ideally hit support before rallying toward the target