Crypto analyst Captain Faibik has predicted that the Bitcoin price could crash to as low as $50,000, representing a 60% crash for the flagship crypto. The analyst explained why he has turned bearish on BTC, while declaring that the bull run is over.
Why The Bitcoin Price Could Crash To $50,000
In an X post, Captain Faibik shared an accompanying chart which showed that the Bitcoin price could crash to $50,000 from its current level. This came as the analyst stated that he is turning bearish on BTC for the mid-term. He further remarked that the bull run is over and that now late buyers are getting trapped.
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Captain Faibik went on to note that the Bitcoin price is still moving inside the rising wedge, trading above the weekly MA50 while bulls remain in control for now. However, he warned that the structure is weakening and momentum is fading. Notably, the analyst had earlier mentioned a possible correction toward the $100,000 level, which remains a possibility with BTC trading close to this range.
The Bitcoin price has continued to show signs of weakness since hitting a new all-time high (ATH) above $126,000 earlier in the month. Rising trade tensions between the U.S. and China have contributed to the recent declines in BTC. The flagship crypto again dropped yesterday after Trump threatened to impose a 155% tariff on China if they do not reach a trade deal by November 1.
Meanwhile, crypto analyst Titan of Crypto also indicated that the Bitcoin price may be topping out. This came as the analyst revealed that a BTC monthly LMACD cross was happening. The analyst noted that historically, these crosses have marked the beginning of the bear phase or a major cycle top. However, he added that this is still not confirmed as the monthly candle hasn’t closed yet.
The BTC Top Is Not Yet In
Crypto analyst CrediBULL Crypto recently asserted that the cycle top is not yet in and that the Bitcoin price will reach $150,000 before the cycle is over. He explained that the rate of ascent should increase at an increasing rate into the final 5th subwave, which will make the blow off top. The analyst added that this implies that all impulses moving forward will be more aggressive than the ones prior.
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CrediBULL Crypto further stated that the Bitcoin price is currently in subwave 2 of the final 5th wave after completing the impulsive subwave 1, which took it from $74,000 to $112,000. He predicted that subwave 2 should bottom between the current level and $74,000, which is the higher timeframe invalidation.
Meanwhile, he explained that the measured move of the 1st subwave was $37,500. As such, a fair assumption is that the 3rd and 5th waves will be larger, which implies a minimum target of $150,000 for the Bitcoin price by the end of the cycle.
At the time of writing, the Bitcoin price is trading at around $107,600, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
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