Bitcoins
The Bitcoin price has surged back above $69,000 after experiencing a major decline last week. While the price appears to be rebounding from the downtrend, a market analyst has warned that the BTC could still face another price crash. After projecting its decline from above $100,000, the analyst now forecasts a price plunge to $29,000, likely marking Bitcoin’s final bottom.
Bitcoin Price Faces Possible Crash To $29,000
Market expert LavaXBT has shared two possible scenarios for Bitcoin’s next move. However, the analyst appears to be leaning more bearish, projecting that BTC could fall again, hitting levels not seen in years. In his “macro update,” shared on X, the analyst predicts that Bitcoin could first decline to $45,000 before plunging toward a possible price floor around $29,000, as shown on the chart.
LavaXBT noted that his previous thesis for the first quarter of 2026 did not play out as expected, despite most technical indicators aligning. He attributed this deviation to a lack of trading volume and the ongoing geopolitical tensions affecting the market. Recently, financial markets have been experiencing significant volatility as investors’ fear grow amid the US-Iran war. While Bitcoin appears resilient, the conflict and reduced confidence could still put significant pressure on its price.
Given the analyst’s bearish outlook, he plans to short Bitcoin if its price jumps back up to $73,000, $78,000, and possibly $80,000. He emphasized that the current environment is not ideal for trading, given Bitcoin’s low volume and how unpredictable its price action has become.
Also, LavaXBT believes that a decline in Bitcoin could affect the broader altcoin market. He predicts that if BTC crashes to $29,000, then altcoins will likely fall harder. He also expects most altcoins to return to their 2022 crash prices or drop even lower.
As a result, the analyst has warned against buying altcoins at random levels. Rather, he suggests that traders and investors should wait for Bitcoin to hit strong support levels before considering accumulating altcoins. He highlighted the importance of patience, noting that he would wait and focus on higher opportunities as the Bitcoin price navigates the current bear market.
Analyst Highlights BTC’s Possible Upside
While he projects that Bitcoin could fall to $29,000, which is a more than 58% decline below its current price of over $69,000, LavaXBT has also outlined the potential for a strong upside. In his price chart, the analyst noted that the likelihood of Bitcoin reaching an all-time high in this cycle would only increase when it reclaimed the swing high around $93,000.
Once Bitcoin exceeds this resistance zone, LavaXBT noted that the cryptocurrency must close above $120,000 before it can confirm its uptrend and establish higher highs. If this happens, he believes the target for the next macro upswing is around $160,000, exceeding BTC’s current all-time high of $126,000 by roughly 27%.
Featured image created with Dall.E, chart from Tradingview.com
Sandra White Read More