Bitcoin price has risen back above $69,000 after witnessing a significant decline last week. while The price seems to be rebounding On the downside, one market analyst warned that Bitcoin may still face another price collapse. After predicting a drop from over $100,000, the analyst now expects the price to drop to $29,000, which is likely the mark for Bitcoin. Final bottom.
Bitcoin price faces a possible collapse to $29,000
Market expert LavaXBT has subscriber Two possible scenarios for Bitcoin’s next move. However, the analyst appears to be more bearish, and expects so BTC could go down againreaching levels not seen in years. In the “macro update,” shared on
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LavaXBT noted that its previous thesis for Q1 2026 did not go as expected, although most technical indicators were in agreement. He attributed this deviation to the lack of trading volume Ongoing geopolitical tensions Affect the market. Recently, the financial markets have witnessed significant fluctuations Investor concerns grow In the middle of the US-Iranian war. While Bitcoin appears resilient, conflict and low confidence may continue Putting significant pressure on its price.
Given the analyst’s bearish outlook, he plans to short sell Bitcoin if its price jumps back to $73,000, $78,000, and possibly $80,000. He stressed that the current environment is not ideal for trading, given the low volume of Bitcoin and the unpredictability of its price movement.
Also, LavaXBT believes that a decline in Bitcoin may impact The broader altcoin market. He predicts that if Bitcoin price collapses to $29,000, altcoins are likely to decline further. Most altcoins are also expected to do so Back to their 2022 crash prices Or decrease to less than that.
As a result, the analyst warned against buying altcoins at arbitrary levels. Instead, he suggests that traders and investors should wait until Bitcoin reaches strong support levels before considering accumulating altcoins. He highlighted the importance of patience, stating that he will wait and focus on higher opportunities as the price of Bitcoin moves Current bear market.
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The analyst highlights the potential upside for BTC
While Bitcoin is expected to fall to $29,000, a drop of over 58% from its current price of over $69,000, LavaXBT also highlighted the potential for a strong upside. In his price chart, the analyst noted that the likelihood of Bitcoin reaching an all-time high this cycle will only increase when it reclaims its high of $93,000.
Once Bitcoin clears this resistance zone, LavaXBT notes that the cryptocurrency will have to close above $120,000 before it can confirm its uptrend and make higher highs. If this happens, he believes the target for the next macro rally is around $160,000, which exceeds… BTC’s current all-time high is $126,000 By approximately 27%.
Featured image created with Dall.E, chart from Tradingview.com
