A fresh bearish wave struck the crypto space and dragged the markets lower by more than 10%. The Bitcoin price plunged from around $29,200 to as low as $25,600, wiping out more than $1 billion from the entire market. Now that the price has recovered slightly, some may believe the correction may have come to an end. However, considering the materialistic figures, the bears could be preparing for a massive move that may compel the BTC price to drop below the 2022 lows.
One of the popular analysts, Tolberti, has been extremely bearish on Bitcoin ever since it faced a huge rejection at $29,200. Moreover, the analyst believes that the BTC price could crash down to $10,000 and also lists the probable reasons for the crash.
As per the analyst, the star crypto is displaying extreme weakness compared to gold or the stock market. Secondly, only Bitcoin faced a massive sell-off a few days ago, while altcoins continued with their decent trend. Despite this, the high-cap altcoins within appear extremely bearish, indicating the possibility of beginning a fresh bearish trend soon. Considering the technicals, the price just dropped below the 200-week SMA as the bulls are not strong enough to sustain an uptrend.
Besides, after breaking down from the inner rising wedge, the BTC price appears to remain stuck within a steep falling wedge. Hence, the descending wave may continue to prevail, with the lower targets at around $10,000. Additionally, the Elliot wave count suggests a bearish scenario with the ABC correction expected to complete in April 2024, which coincides with the halving event.
Therefore, regardless of the interim jumps, the Bitcoin (BTC) price from a wider perspective indicates that a strong bearish wave is fast approaching.
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