{"id":16923,"date":"2024-10-31T12:00:50","date_gmt":"2024-10-31T12:00:50","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=16923"},"modified":"2024-10-31T12:00:50","modified_gmt":"2024-10-31T12:00:50","slug":"bitcoin-price-forecast-analyst-says-expect-98-crash-after-blow-off-to-250000-heres-why","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=16923","title":{"rendered":"Bitcoin Price Forecast: Analyst Says Expect 98% Crash After Blow Off To $250,000, Here\u2019s Why"},"content":{"rendered":"

A crypto analyst has forecasted a 98% Bitcoin price crash<\/a> following a substantial rally to $250,000. Interestingly, the analyst is confident that Bitcoin will eventually reach this ambitious quarter-million-dollar target. However, they caution that once profits are taken at this top, Bitcoin could decline significantly to new lows.\u00a0<\/p>\n

Bitcoin Price Projected To Crash 98%<\/h2>\n

On October 30, crypto analyst Gert van Lagen told<\/a> his 106,700 followers on X (formerly Twitter) that the Bitcoin price could drop to the $24,000 range once it hits $250,000. Lagen revealed that many investors have felt overly confident that Bitcoin could never experience a 98% crash again, especially with the introduction of Spot Bitcoin Exchange Traded Funds (ETFs)<\/a>.<\/p>\n

Countering this overconfidence, the crypto analyst asserted that ETF assets<\/a> tend to lose significant value during periods of economic recession. Consequently the analyst predicts that the Bitcoin price could first experience a \u201cblowoff\u201d of up to $250,000, marking a historical milestone. At this point, many investors would start taking profits, triggering massive selling pressure<\/a> as they liquidate ahead of potential price declines.\u00a0<\/p>\n

Following Lagen\u2019s analysis, once the market sentiment for the Bitcoin price<\/a> shifts, institutional investors, who may have been the prime drivers for the $250,000 rally, are likely to sell off their holdings. Lagen has described this massive sell-off as the \u201cshake out of the century,\u201d when the Bitcoin price could plummet dramatically to 98% of its high.\u00a0<\/p>\n

This suggests that after hitting $250,000, the BTC price could crash<\/a> to $2,000, trading below Ethereum\u2019s current price, which is trading at $2,635, according to CoinMarketCap.\u00a0<\/p>\n

Highlighting the reasoning behind this unexpected bearish price crash, Lagen revealed<\/a> that by plotting the Bitcoin price on the \u201cSyslog scale,\u201d it clearly shows a High-Time Frame (HTF) rising wedge, which points at a price target between $1,000 and $10,000. He also disclosed<\/a> in a much earlier post that if Bitcoin does experience his projected shakeout and price decline to $1,000, it will take four halving events<\/a> before the cryptocurrency can return to its $200,000 price high.\u00a0<\/p>\n

BTC To Break Above $73,000 And Rally Higher<\/h2>\n

As of writing, the Bitcoin price<\/a> is trading at $72,433 after experiencing more than a 7.8% increase this week. Lagen has stated<\/a> that the Bitcoin price action points to a possible \u201ctriangle bearish continuation pattern,\u201d which typically signals a potential downward trend in a cryptocurrency.<\/p>\n

The crypto analyst has set a new target of $71,200 for Bitcoin, suggesting that if the cryptocurrency follows through with the triangle bearish continuation pattern, its price could decline significantly<\/a>. On the flip side, Lagen has predicted that if Bitcoin can break the $73,000 threshold, it would invalidate the triangle bearish continuation pattern. This could indicate the end of the downtrend and potentially lead to a stronger upward momentum<\/a>.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

A crypto analyst has forecasted a 98% Bitcoin price crash following a substantial rally to $250,000. Interestingly, the analyst is confident that Bitcoin will eventually reach this ambitious quarter-million-dollar target. However, they caution that once profits are taken at this top, Bitcoin could decline significantly to new lows.\u00a0 Bitcoin Price Projected To Crash 98% On […]<\/p>\n","protected":false},"author":0,"featured_media":16924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16923"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16923"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16923\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/16924"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}