Analyst who accurately predicted all-time high issues chilling warning: Will Bitcoin plummet to $38,800?

▲ Bitcoin (BTC), Investor, Crash / AI Generated Image ©

Legendary analysts who accurately predicted past Bitcoin (BTC) all-time highs are now calling the recent rebound nearing $80,000 a mere bull market trick, issuing a warning that the ultimate bottom could fall to the $38,800 level, escalating market anxiety.

According to cryptocurrency media Bitcoinist on April 28 (local time), virtual asset analyst Killa presented $38,800 as the final bottom of this bear market, based on his Diminishing Cycle Analysis model, which he used to predict Bitcoin's previous highs. He previously predicted a high of $121,362 using this model, and Bitcoin actually peaked around $126,100.

Killa applied the same 5% margin of error that occurred during his past high predictions to this forecast, additionally presenting two variables: $40,740 and $42,680. He assessed that even applying the upper bound of this error range, $42,680, the bottom would still be significantly below $60,000, thus deeming the $60,000 bottom theory currently discussed in some market circles as an overly optimistic approach.

According to this model, which relies solely on mathematics and patterns, he plans to accumulate a large amount of spot Bitcoin around July and August, adding that the price range between $40,000 and $60,000 presents an excellent long-term buying opportunity. This suggests that the recent rally, which rose to just under $80,000 due to expectations of an end to the war between the US and Iran, is likely a bull trap leading to a deeper decline.

Another renowned analyst, Dr. Profit, also maintained his existing stance that Bitcoin would crash to at least around $50,000 despite the recent uptrend. He was confident that while a short-term upward wave to the $83,000 to $85,000 range might occur, it would inevitably be followed by a massive downward movement.

Specifically, Dr. Profit predicted that ahead of the Federal Open Market Committee (FOMC) meeting scheduled for April 29, the Federal Reserve is likely to cut interest rates soon, and paradoxically, this could act as a negative catalyst for the market, encouraging a decline. According to CoinMarketCap data, Bitcoin, the top cryptocurrency by market capitalization, has shown a downward trend over the past 24 hours and is currently trading around $77,800.

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