Worse Than COVID? Why One Analyst Believes Bitcoin Is on the Verge of a Historic Crash

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A popular analyst has flagged Bitcoin’s rebound last week as a bull trap and warned that a deeper correction could follow amid broader market weakness.

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Summarize with AI

Escalating conflict in the Middle East is weighing on global financial markets. Bitcoin is also facing renewed concerns of a potential historic downturn, and market participants appear to be bracing for a deeper correction across risk assets.

The latest warning comes as the asset continues to show signs of weakness after having declined over the weekend and slipping below $68,000 on Monday.

Risks of Historic Crash

Popular analyst Doctor Profit predicted that Bitcoin could suffer a crash worse than that of the March 12-13, 2020 ‘Black Thursday,’ when the crypto asset plunged by more than 50% in a single day from around $8,000 to nearly $3,750 amid a broader global market sell-off triggered by COVID-19 panic.

Ongoing price action also reflects similar pressure, as Bitcoin trades more than 46% below its all-time high recorded last year.

The forecast comes a few hours after his Sunday report, wherein Doctor Profit reiterated his previous stance that BTC’s price action remains stuck in a broader bearish trajectory.

Deeper Trouble Ahead

He explained that the asset has been consolidating between the range of $57,000 and $87,000 after its earlier decline from the $115,000-$125,000 region to $60,000. Within this structure, the recent move to $76,000 followed by a sharp drop below $68,000 was identified as a bullish trap ahead of further downside. The analyst flagged the $79,000-$84,000 zone as a major resistance and liquidity area where additional short positions could be deployed.

Currently, Bitcoin lacks clear directional strength in the near term, which has contributed to ongoing sideways movement, but the broader structure continues to point toward another leg lower, which could see a move back toward the $57,000-$60,000 range. Short-term upward movements are seen as liquidity-driven attempts to push prices higher before continuation to the downside.