{"id":60674,"date":"2025-04-20T21:00:23","date_gmt":"2025-04-20T21:00:23","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=60674"},"modified":"2025-04-20T21:00:23","modified_gmt":"2025-04-20T21:00:23","slug":"bearish-case-for-bitcoin-analyst-warns-falling-wedge-is-a-whale-trap-that-could-drag-price-to-67k","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=60674","title":{"rendered":"Bearish Case For Bitcoin: Analyst Warns Falling Wedge Is A Whale Trap That Could Drag Price To $67k"},"content":{"rendered":"

Bitcoin has spent the past seven days trying to hold near $85,000, with a trading range between $83,200 and $86,000. Buying momentum has turned positive<\/a> in the past 24 hours, but an interesting technical analysis of the current price action points to a looming downside risk<\/a>.<\/p>\n

Crypto analyst Xanrox laid out a bearish case for Bitcoin in an analysis on the TradingView platform, arguing that the ongoing falling wedge pattern, often seen as a bullish indicator, may actually be a calculated trap set by whales. According to his analysis, Bitcoin could crash to $67,000 before another strong move upwards.<\/p>\n

Bitcoin\u2019s Falling Wedge That Might Not Be Bullish After All<\/h2>\n

Xanrox\u2019s main argument centers <\/a>on the widespread belief that falling wedges are bullish reversal patterns. Although this is often true when the wedge forms at the start of a trend, the current wedge is forming at the end of a broader trend, which is a different scenario altogether.<\/a><\/p>\n

The daily candlestick timeframe chart shows the Bitcoin price moving inside a clean wedge structure while trading well below the 20, 50, 100, and 200 daily moving averages. This setup, according to Xanrox, paints the picture of a clear downtrend rather than a setup for a reversal.<\/a><\/p>\n

The bearish outlook is not<\/a> just about chart patterns; it\u2019s also about market psychology and the mechanics of liquidity. Such a setup is likely being exploited by whales in institutions and banks with enough liquidity to influence price action. <\/p>\n

\u00a0<\/p>\n

These whales need retail buyers to create enough volume for them to offload or accumulate positions. By painting the illusion of a breakout, they can push retail participants into a false sense of opportunity, only to reverse the market and trigger stop losses across the board. <\/p>\n

This outlook plays into the growing notion that Bitcoin is increasingly becoming more of an asset among institutions, primarily due to the rise of Spot Bitcoin ETFs.<\/p>\n\n

Chart Image From TradingView: <\/a>Xanrox<\/p>\n

20% Price Move For Bitcoin This Week<\/h2>\n

Xanrox predicted a 20% move for Bitcoin this week. A 20% move to the upside from the current $85,000 range would see Bitcoin trading back above $100,000 and somewhere around $102,000. However, this predicted 20% move isn\u2019t an upside move but a downside move. <\/a>Particularly, the analyst identified $67,000 as the level Bitcoin is most likely to test in the coming weeks.\u00a0<\/p>\n

The $67,000 price level is the primary target if the current wedge fails as expected, as it is the major support on the way down if $75,000 is broken.\u00a0<\/p>\n

Even if the predicted 20% downside move fails to materialize this new week, there is still the possibility of the move taking place in the coming weeks.<\/a> The analyst suggests Bitcoin may attempt to retest the upper zone between $108,000 and $91,000 before heading lower.<\/p>\n

At the time of writing, Bitcoin was trading at $84,280.<\/p>\n

Featured image from Pexels, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin has spent the past seven days trying to hold near $85,000, with a trading range between $83,200 and $86,000. Buying momentum has turned positive in the past 24 hours, but an interesting technical analysis of the current price action points to a looming downside risk. Crypto analyst Xanrox laid out a bearish case for […]<\/p>\n","protected":false},"author":0,"featured_media":60675,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-60674","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\/60674"}],"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=60674"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/60674\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/60675"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}