Bitcoin (BTC) has crashed below $70,000, underperforming the already weak crypto market as selling pressure tests price action. Market analyst Crypto Patel noted that he had anticipated this significant drop, citing BTC’s fragile price structure and persistent bearish factors in recent weeks. Now, the expert is sharing new insights on the latest price decline, forecasting how far the ongoing correction might go and what could come next for the leading cryptocurrency.
Analyst Predicts More Declines Ahead For Bitcoin
Crypto market analyst Crypto Patel on X is predicting further declines for Bitcoin, identifying $50,000 as a potential bottom for this cycle. In what he called a “Bitcoin Profit Update,” Patel highlighted that he had accurately forecasted the recent 19% crash in Bitcoin in his earlier posts.
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Previously, the analyst had warned that Bitcoin’s previous $80,000 level represented strong resistance, coupled with a fair value gap (FVG). He predicted that from its prior price of around $82,800, Bitcoin would likely drop to $68,000. Despite criticism from some market watchers, Patel remained firm and closely monitored the market.
His forecast proved largely accurate, as BTC recently fell more than 19%, reaching $67,000. He attributed the move to a Bitcoin liquidity grab, followed by activity around the FVG and a bearish order block around the $89,000 level.
Looking ahead, Crypto Patel noted Bitcoin has formed a lower high around $82,800, a move he had been waiting to confirm. He also highlighted that stop losses have moved lower, from $98,000 to $82,900. The analyst has marked the $82,800 region as the current critical change of character (ChoCH) trigger, signaling that traders should watch this level closely for potential market shifts.
According to Crypto Patel, only a high-volume, high-timeframe close above $82,800 could flip Bitcoin back to bullish territory. Without it, he expects another significant decline.
BTC’s Downside Targets Point To $40,000 Crash
In a recent X post, Crypto Patel reiterated that his bias toward Bitcoin remains bearish, expecting the cryptocurrency to crash to much lower levels. He acknowledged the possibility of a short-term relief bounce toward $75,000, but emphasized that this would likely be temporary. Following this projected rebound, the analyst expects BTC to drop to its next lower low target near $50,000 later this year.
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Patel marks a break of structure (BOS) level around $59,800 on his chart as the key trigger that could open the path to the $50,000 plunge. He also noted that if bearish momentum persists, Bitcoin could face an even steeper decline, potentially dipping into the $40,000 – $45,000 range.
Featured image from Geety Images, chart from Tradingview.com
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