Bitcoin Analyst Warns of Further Decline Amid Double Breakdown

The Bitcoin price has seen a reversal in recent times, with some analysts predicting further decline. According to crypto analyst Xanrox, this could be the start of a deepening bear market.

A double breakdown has occurred, with the price falling below two major channels: a descending channel and an ascending channel. This is a significant development, as double breakdowns often suggest that the crash is just starting.

Xanrox expects the price to drop to $48,000, with a strong possibility of a crash to the $40,000-$30,000 levels. The analyst attributes this to major outflows and potential bank selling on futures, which could amplify liquidations and put pressure on crypto adoption and DeFi liquidity.

Bear markets often push users towards cash, and the current market conditions suggest that investors should be cautious. While there may be some support at the $60,000 level, Xanrox does not believe this will hold.