Bitcoin Price Set for Steep Decline Before Rebound Predicts Analyst

A market analyst has warned of a prolonged bearish period for Bitcoin, predicting that its price will continue to decline until it reaches around $40,000. The analyst, known as Kabuki, claims to have accurately forecasted the cryptocurrency's last price top and 2022 bear market bottom.

According to his analysis, Bitcoin is currently in a major decline, with the current rebound being another bull trap in its broader bearish structure. He believes that prices are about to enter a freefall all the way down to $40,000 before this cycle is over, marking this level as a final cycle bottom.

Kabuki's projection shows a steep decline from Bitcoin's current levels around $79,000 to $61,000, then further to $47,000. He expects a short-term recovery back up to $55,000 but sees this as a temporary bounce before a final price crash to $41,000 wipes out any gains made during the rebound.