- Reputed crypto analysts expect another Bitcoin drop coming before a recovery.
- This major drop could trigger a black swan event.
- If it does not, it will simply mark the BTC local bottom between $68,000 and $74,000.
The price of Bitcoin (BTC) is back up to the $83,000 price range, continuing its sideways movement. In response, several analysts expect another Bitcoin drop coming. Between the dual prospects from the crypto community, either Bitcoin could head into a recovery or a much bigger drop could lead to a black swan event.
Analysts Expect Another Bitcoin Drop Coming
Recently, following Trump’s Strategic Crypto Reserve confirmation , one of the most bullish analysts, Doctor Profit , turned bearish and prepared to sell all his BTC. This BTC drop prediction to the $78,000 price level came true. Now, he believes a much greater drop will come which will trigger a black swan event.
The reason behind his thoughts is that the bullish divergence on Bitcoin will be cancelled out by the bearish divergence in the stock market. He believes Bitcoin will fall as the stock market is the bigger market and its losses will affect the crypto market, which is smaller. Another reputed analyst, as seen in the post above, also predicts a bigger drop incoming for BTC. He suggests this due to a recurring pattern from CZ’s post.
Market Recovery of Black Swan Event?
Doctor Profit goes on to make another positive observation. He says that in the event of avoiding a black swan scenario, BTC may be very close to its local bottom. He goes on to highlight the MVRV indicator that is very reliable in finding bottom structures, which shows us a very clean picture as indicated in the post above. This movement aligns with his prediction of BTC’s next dip target between $68,000 and $74,000, which could mark the new local bottom.
