(Kitco News) – Cryptocurrency traders are often known to be perma-bulls who always predict that its price is on the precipice of a major breakout, but as with most assets, some prefer to hold a bearish outlook despite what the fundamentals say, and according to one analyst, Bitcoin (BTC) will soon find itself back in the depths of a crypto winter.
“Bitcoin is heading for a massive bear market in 2024/2025!” warned TradingView analyst Xanrox. “ If you are new to crypto, you may miss information about usual Bitcoin volatility; precisely, Bitcoin crashes by 80% - 90% every 3rd year.”
As for the reasoning behind his bearish call, Xanrox went down the conspiracy rabbit hole and blamed the “Cabal” of shadowy organizations that many attest secretly run the world.
“Of course this is not natural, it's caused by tremendous manipulation by Cabal (banks, governments, world's organizations (WEF, WHO, etc...),” he said. “They all work together while giving you an illusion.”
“Of course, their goal is to enslave humans with nanotechnologies, artificial intelligence, a neurolink from Elon Musk (that will be connected to your brain), a credit score system, and 1 world digital currency (Bitcoin), forced jabs, etc…” Xanrox elucidated. “All these technologies are completely incompatible with the human body and cause massive depression, anxiety and cancer. In today's world, we can already see how many people are in a depression state by these technologies.”
“They will not tell you that every human naturally possesses strong abilities, such as Telekinesis (move objects with your mind) or Telepathy (you don't really need to use your phone to communicate over long distances),” he added. “There are natural abilities that every human can do without exception. And I don't want to talk about magic powers, leaving your physical body during sleep (astral travel) or meditation, maybe in the next post. These are abilities the Cabal doesn't want you to use.”
Getting back on topic, Xanrox pointed to the weekly chart for Bitcoin, which he said suggests a major pullback for BTC is in the cards.
“On the weekly chart, we can see that Bitcoin is heading downward, I expect 28k to be hit in 2025,” he said. “Of course, markets move in waves, and we have many minor levels on the way down. We have the 100 and 200 weekly moving averages at the same place, 0.382 FIB retracement, fair value gaps, and 0.618 FIB retracement.”
After Bitcoin pumped to $58,000 on Monday and again on Tuesday, Xanrox said it was “really the best opportunity to sell if you haven't already.”
“Let's take a look at the GBTC chart, and what we can see is that the bull flag already broke down!” he noted. “Grayscale is the world's largest digital currency asset manager.”
And while most analysts see rate cuts as positive for risk assets like Bitcoin, Xanrox said that it would actually allow bears to take control of the price action.
“The FED will most likely cut rates on Wednesday, Sep 18, from 5.50% to 5.25%. This will be the first rate cut since April, 2020,” he said. “This is an extremely bearish event on the overall price of crypto and the stock market!”
“The best time to open a short position is right now around 58k - 59k,” Xanrox declared. “ First target below 50k!”
“Don't forget that Bitcoin is just a software (program),” he concluded. “Every software can be reprogrammed to the desired state. It's of course possible to increase the total supply of Bitcoin.”
Market analyst Toni Ghinea agreed with the outlook by Xanrox, insisting that the top of the cycle was hit in early March.
“Calling it now. $BTC IS IN THE BEAR MARKET,” Ghinea tweeted. “Every move above 56-58k is a BULL TRAP.”
“Very soon, It will NUKE UNDER 54K,” he warned. “I said in April the TOP IS IN. I was right. FOR 6 MONTHS EVERY CALL IS CORRECT. Prepare for the next correction NOW.”
As for what non-conspiratorial reason that Bitcoin and risk assets could see such a significant pullback, well-known Bitcoin detractor Peter Schiff put forward a legitimate concern in a tweet on Tuesday.
“As expected, the U.S. #dollar just dropped below 142 #yen for the first time in 2024,” Schiff said. “The next support is around 128, a 20% drop from the June high. This will result in significant pressure to unwind the yen carry trade, which is bearish for long-term Treasuries and risk assets.”
“The dollar just dropped below 141 yen,” Schiff noted in a follow-up post. “This could escalate quickly. Look out.”
At the time of writing, USDJPY trades at 141.98, and Bitcoin trades at $57,003, an increase of 0.20% on the 24-hour chart.
