Crypto analyst Akademik, known for his accurate predictions regarding Bitcoin’s price trends, has recently shared his insights on the cryptocurrency’s future trajectory. Following his earlier forecasts of the Bitcoin price crash, he anticipates a further decline, potentially dropping as low as $80,000.
What Next For The Bitcoin Price
In a detailed analysis shared on TradingView, Akademik outlines a concerning prediction: Bitcoin’s value may plummet to the $80,000 range, with the possibility of dipping to $60,000. His observations highlight a bearish trend for the flagship cryptocurrency, encouraging traders to adopt short strategies in anticipation of this downtrend.
Akademik has advised traders to look for entry points at the indicated trend levels if market activity or trading volumes suggest a favorable shift. His accompanying chart corroborates these predictions, illustrating the potential for further declines.
Currently, Bitcoin’s price stands at a precarious $95,300 after a slight recovery from a drop that brought it to the $93,000 range. Analyst Ali Martinez has provided additional context, emphasizing a supply wall of 1.88 million BTC at $97,000 alongside a support level of $94,500 backed by only 695,000 BTC. This disparity suggests that the supply currently exceeds demand, raising concerns for Bitcoin’s immediate future.
Martinez has pointed out that a historical pattern often follows declines in Bitcoin’s mining activity, leading to extended price corrections—hinting at the possibility of lower prices before any recovery occurs.
BTC’s Long Term Outlook Is Still Bullish
Despite short-term concerns, long-term views on Bitcoin’s trajectory remain optimistic. Analyst Titan of Crypto has remarked that, while Bitcoin is currently in a consolidation phase, the long-term trend stays bullish—as long as it remains within the established range.
Moreover, Martinez indicates that the market is currently in the ‘depression’ stage of its cycle, suggesting the likelihood of a final significant price surge before the end of this cycle. This ‘disbelief’ stage typically follows, characterized by what can be described as a ‘sucker’s rally.’
As of now, Bitcoin is trading around $95,300, having seen a decline over the past 24 hours, according to CoinMarketCap.
