Expert Insights on Bitcoin’s Potential Price Plunge
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Bitcoin’s Price at Risk: Analyst Predicts Significant Decline
A prominent cryptocurrency analyst has issued a stark warning regarding Bitcoin (BTC), suggesting a potential price decline that may plunge it to levels reminiscent of previous bear markets. This caution is based on historical chart patterns, notably the double-top formation, which has historically signaled market downturns. The analyst also points to potential market manipulation as a contributing factor to recent price volatility, heightening concerns of an imminent market downturn.
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Historical Chart Patterns Signal Potential Bitcoin Decline
Bitcoin’s recent surge past the $100,000 mark has rekindled bullish market sentiment, with many predicting further upward momentum. However, a segment of analysts remains wary, forecasting a potential downturn to new lows. Among them is Jacob King, a notable cryptocurrency analyst and CEO of WhaleWire, who anticipates a forthcoming crash in Bitcoin’s price. His analysis highlights a repetitive chart pattern that has historically preceded significant market declines in Bitcoin’s history.
King’s analysis presents a comparative chart featuring Bitcoin’s price action over previous 4-year cycles. The chart’s upper left panel illustrates a double-top pattern from 2017, followed by a sharp decline after Bitcoin reached its second peak. On the top right, a smaller double-top pattern from 2019 triggered a price correction, albeit less severe than in 2017. In 2021, a more prominent double-top pattern led to a historic market collapse, ushering in a prolonged bear market from 2022 to 2023.
Now, the 2025 Bitcoin structure appears eerily similar to past cycles, prompting King to warn that history may be on the verge of repeating itself. His analysis suggests that Bitcoin is forming a market top, potentially signaling the onset of a bearish phase. King emphasizes the current overvaluation of Bitcoin, advising investors to consider exiting the market, highlighting that every upward price movement presents a potential selling opportunity.
Concerns Over Market Manipulation
Apart from technical chart patterns, King raises concerns about potential market manipulation influencing Bitcoin’s recent price surge and volatility. According to King, the rally above $100,000 is not driven by genuine demand but rather by the influence of Tether (USDT).
In this controversial view, the rapid issuance of USDT is creating artificial buying pressure, providing an exit strategy for large holders who are offloading positions at inflated prices. King argues that the stablecoin’s issuance is being utilized by insiders to manipulate Bitcoin’s price, generating demand that lacks real fiat inflows.
Bitcoin is currently trading at $103,820. Data source: BTCUSDT on Tradingview.com
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