After Bitcoin’s price crashed below $70,000, analysts are pushing for further declines and bearish predictions are resurfacing. Cryptocurrency analyst Zanrox highlighted the possibility of a Bitcoin price crash in a recent analysis, explaining why major cryptocurrencies are likely to fall and then continue to rise. And the most interesting part of this prediction is the short timeline in which BTC prices are expected to crash by around 40% again.
Why Bitcoin price is heading towards $42,000
So far, there are multiple support points where Bitcoin bears have encountered resistance from bulls. The most recent one is the $62,000 support where the price continued to bounce. However, cryptocurrency analyst Zanrox believes this support for digital assets will not last for very long.
This support is above the 200-week moving average and also above the 0.618 Fibonacci level, which would explain its strength. However, this is not expected to prevent further price hemorrhage. Rather, it’s a point for the Bears to hit to begin what could be the final wave of decline.
Currently, cryptocurrency analysts believe that Bitcoin price is still in free-fall mode as there is nothing holding it back. This “free fall mode” is classified by the lack of a significant upside recovery, the erasure of gains immediately after a small rally, or the decline without an uptrend.
The main selloff begins when the 0.618 Fib level and the 200-week moving average support are broken, probably after a price rebound. The cash target is 40% below current price levels, or less than $50,000. The crypto analyst predicts that Bitcoin price could fall to $42,000 before reaching support again.
The $42,000 level is important because it’s a key point for large whales, Zanrox said. This is because a large number of stop losses are set at this level, which is below the bottom of the previous wave 4. Moreover, this is all expected to unfold in 2026, with crypto analysts setting the end for the third quarter of this year.
Altcoins have already been hit hard, and analysts say that if things continue like this, there will be no altcoin season at all. This is because even though Bitcoin prices are falling, altcoins are struggling even more, and BTC’s dominance is still trending upwards. In such situations, it is very rare for the altcoin market to recover.
Featured image from Dall.E, chart from TradingView.com
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