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After the Bitcoin price breakdown below $100,000 over the weekend, multiple new narratives have emerged for where the digital asset may be headed. Calls for the next Bitcoin bear market continue to ring loud as analysts predict lower prices. One crypto analyst, known on X as Astronomer, has taken to the platform to give investors a possible roadmap of where the cryptocurrency is headed next and where to start buying for maximum gains.
Next Course Of Action After Crash
Following the Bitcoin price crash, Astronomer pointed out that the price had fallen below the expected close. However, it seems that the decline was not completely over, as there could be another final drop. This could come after the market reversal that has taken hold over the last few days, presenting another buy opportunity.
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From here, the crypto analyst explains that there could be a reversal toward the $95,000 level, and also a possibility of a bounce toward $110,000. As a result of this, the next area of action that investors could start buying from is placed at the $97,000 level, but the price could go lower.
Astronomer explains that weekend lows are usually taken out, and with this weekend low still above $97,000, the price could revisit this territory. Nevertheless, the analyst explains that those who have been sidelined throughout the rally, or those who want to begin getting into the market, the Bitcoin price at around $97,000 is a good place to start.
In addition to the current market factors, the analyst also points to sentiment and geopolitics as supporting the analysis. “It’s a shame we have to take advantage of blood being shed, from what’s happening in the world, but also from the bears soon at the end of this dip,” the analyst said.
Where Is The Bitcoin Price Headed?
With the announcement from US President Donald Trump that Israel and Iran have agreed to a ceasefire, the market has already seen a recovery, with the Bitcoin price rallying to $106,000 initially. This has already triggered a turn in the sentiment from Fear back to Greed as investors begin piling in again.
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In a subsequent post, Astronomer explains that missing out on the buy below $97,000 is no cause for alarm. But cautions against buying now due to fear. The analyst explains that such a move is not advisable as it could lead to losses, as buying during high euphoric times is not advisable.
Given this, it is likely better to wait for a correction before going into the market. “Buying higher now during high euphoric times (especially locally), is a worse idea,” Astronomer warned. “Create good habits, create a solid plan, and stick to both.”
Featured image from Dall.E, chart from TradingView.com
