As Bitcoin plummets to a two-month low, investors and analysts scramble to predict the digital currency’s next move. A new analysis performed by an expert, who prefers to remain anonymous under the pseudonym of Tolbertipredicts that the largest cryptocurrency in the market will continue to fall in the coming months.
Tolberti relied on a solid set of indicators to support his outlook. He noted that Bitcoin’s price has fallen below both the 200-week and 20-month moving averages. The appearance of a bearish flag on the charts, historically seen as a sign of continuation of a negative trend, only reinforces this perspective.
The expert believes that if Bitcoin continues on this trajectory, it could trade around $10,000 by April 2024. Such a forecast is also accompanied by a projection of two significant corrections in this period, which could provide profit opportunities for the most attentive traders.
“Extremely pessimistic” forecast
It’s not just the world of cryptocurrencies that Tolberti focused his analysis on. Compared to gold, a historically stable store of value, Bitcoin appears to show significant weakness.
Since an all-time high of nearly $70,000 in late 2021, Bitcoin’s value has halved, while gold, on the other hand, is up 1.7% over the same period.
Tolberti also looked at altcoins, highlighting a recent massive sell-off. This not only affects Bitcoin, but almost all other digital currencies. The outlook for most of these alternative cryptocurrencies looks “extremely bearish,” according to the analyst.
Tolberti elaborated on his technical analysis, saying that Bitcoin’s price is now positioned below key moving averages, suggesting that market drivers may have lost their grip. According to him, the tide may have turned in favor of the “bears”, leading to even bigger declines.
In his analysis, Tolberti reiterated that his predictions should not be interpreted as investment advice. Instead, it attempts to provide a transparent and instructive view of potential market trends.
Bitcoin can drop to $10,000
Another crucial point of your forecast revolves around the $10,000 milestone. For Tolberti, this will be a strong foothold for Bitcoin in the coming months. This belief is reinforced by past technical patterns and analysis, providing a solid foundation for their predictions.
Tolberti also ventured into popular trading theories such as Elliott Waves to shape his vision. Through this methodology, he envisions alternative bullish and bearish scenarios depending on how the market will develop.
Concluding his analysis, the analyst invited a dialogue, demonstrating his openness to the views of other enthusiasts and specialists on Bitcoin’s trajectory.
The cryptocurrency market is known for its volatility and uncertainty. While some see Tolberti’s scenario as a likely future, others may have different views. What is certain is that the market will be watching Bitcoin’s movements closely over the coming months.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
