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A popular analyst outlined the most significant support level that could prevent such a massive drop. And, BTC is currently below it.

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Summarize with AI

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Although bitcoin has already dumped by over 50% from its all-time high of over $126,000 marked in October to a multi-year low of $60,000, the asset’s troubles might not be over, warned Merlijn The Trader.

The popular analyst indicated that the “most dangerous bitcoin pattern just completed phase one,” and BTC could be on its way to $26,000.

Another 60% Crash in the Making?

Merlijn believes the first step in this ‘dangerous pattern’ came after the completion of the bull trap at $105,000. The failure to continue upward means that the market maker’s bearish mode was activated, and if this plays out, the cryptocurrency could be on its way to another massive 60+% crash to $26,000.

If such a doomsday scenario indeed takes place, bitcoin would dump to its lowest price tag since September 2023. Meaning, it has not traded at those levels in almost three years.

The analyst explained that the $70,000 support is “the last line of defense.” If BTC holds it, then the bearish scenario fails. However, if it loses it, then the $26,000 drops comes into play. What’s particularly worrying for bitcoin is that it dipped below that level earlier today and has failed to recover it. The weekly closing candle is just hours away.

Or, A New Bull Phase?

Merlijn’s post reads that a drop to $26,000 could open the path to a new bull run and a fresh all-time high. In contrast, Ali Martinez was more bullish on the asset’s future price performance. Looking at the Inter-Exchange Flow Puls (IFP), the analyst with roughly 165,000 followers on X noted that the metric has “officially started rising again.”

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It tracks the intensity of bitcoin transfers between centralized exchanges and, Martinez added, has just flashed a major buy signal. This is because a rising IFP confirms “active liquidity redistribution,” which has historically acted as the “heartbeat of every major market expansion.”

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Source: https://cryptopotato.com/bitcoins-most-dangerous-pattern-just-triggered-will-btc-dump-to-26k-next/

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