A Prominent Analyst Holds Strong Bearish Sentiment Towards Bitcoin; Predicts Price Could Imminently Plummet to $10,000!

Recent market dynamics unleashed a fresh wave of bearish sentiment across the cryptocurrency realm, resulting in a market decline exceeding 10%. The valuation of Bitcoin witnessed a steep nosedive, plummeting from approximately $29,200 to a bottom of $25,600. This downturn wiped out a staggering sum of over $1 billion from the overall market capitalization. While the price has exhibited a minor recovery, some individuals might speculate that the corrective phase has concluded. Nevertheless, given the concrete statistical data, there exists a possibility that the bears are orchestrating a substantial movement capable of propelling the BTC price beneath the lows of 2022.

Renowned analyst Tolberti has harbored an overwhelmingly pessimistic outlook on Bitcoin ever since it encountered a significant rejection at the $29,200 threshold. Furthermore, the analyst contends that the Bitcoin price could potentially experience a drastic plummet to $10,000, accompanied by an enumeration of potential catalysts responsible for triggering this downturn.

According to the analyst’s assessment, the primary cryptocurrency is exhibiting notable fragility in contrast to gold and the stock market.

Moreover, while other cryptocurrencies maintained a steady trajectory, Bitcoin alone encountered a substantial sell-off just a few days ago. Interestingly, even though altcoins continued their relatively stable performance, certain high-cap altcoins are signaling a distinct bearish sentiment, possibly heralding the inception of a new downtrend.

Scrutinizing the technical indicators, the price recently dipped below the 200-week Simple Moving Average (SMA), reflecting the limitations of bullish forces to sustain an upward momentum.

Furthermore, subsequent to breaking down from the internal ascending wedge pattern, the BTC price seems to be ensnared within a steep descending wedge pattern.

Consequently, this downward trend might persist, with projected lower price targets hovering around the $10,000 mark. In an additional facet, the Elliott Wave analysis proposes a pessimistic scenario marked by the completion of an ABC correction by April 2024, coinciding intriguingly with the halving event.

In summation, notwithstanding intermittent price rebounds, the broader perspective on Bitcoin’s (BTC) value strongly suggests an imminent and potent bearish wave on the horizon.