Crypto analyst Captain Faibik has warned that the Bitcoin top is in, with the flagship crypto set to record a massive crash soon. The analyst predicts that the BTC price could drop below $100,000 and reach as low as $92,000 when this crash happens.
Why The Bitcoin Top Is In
In an X post, Captain Faibik stated that Bitcoin is showing a massive Relative Strength Index (RSI) Bearish divergence on the weekly chart. He added that BTC looks like it has topped out and is now ready for a major correction toward the $92,000 to $94,000 range. The analyst added that just like the flagship crypto bottomed in November 2022, it has now also topped out.
His accompanying chart showed that Bitcoin may have formed a double top formation after hitting a new all-time high (ATH) earlier in the year and then hitting another new high last month. The RSI also indicates that the flagship crypto has reached its peak and is currently at an overbought level, which further supports the case for a potential crash.
Captain Faibik’s analysis echoes veteran trader Peter Brandt’s sentiment about the Bitcoin top being in. Brandt recently shared a chart and questioned if November 2021 was happening all over again for the flagship crypto. November 2021 marked the peak of BTC in the last cycle. Back then, the flagship crypto formed a double top formation, similar to one that BTC just formed again following the May rally to a new ATH.
Meanwhile, crypto analyst Kevin Capital continues to warn market participants to be cautious about the current Bitcoin price action. He stated that investors need to be careful as long as the flagship crypto stays below $106,800 on 3-day and weekly closes.
BTC Not Done Yet In This Market Cycle
In an X post, crypto analyst Titan of Crypto indicated that the Bitcoin top isn’t in yet and that the flagship crypto could still hit a new ATH before it tops. He remarked that the BTC bull market is entering its final phase. The analyst noted that, as in previous cycles, there is a 1 year of bear market followed by three years of expansion.
Based on this, Titan of Crypto declared that BTC looks to be in the final leg, but not done yet. His accompanying chart showed that Bitcoin could still rally to as high as $170,000 on this last leg in the bull run. The flagship crypto is expected to hit this target between now and year-end, after which it could then enter another bear market.
At the time of writing, the Bitcoin price is trading at around $105,000, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
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