Crypto analyst Tony Research issued a bearish Bitcoin forecast on June 2, predicting a major price crash could unfold after the leading cryptocurrency failed to hold critical support levels.
In an X post, Research warned that “something bad is coming” for Bitcoin, citing a breakdown of technical structures that have supported the asset since the start of the year. Bitcoin had broken a long-term ascending channel and fallen below the Ichimoku Cloud after dropping past its lower boundary, Research noted.
The analyst flagged $70,000 as a critical support level that Bitcoin tested and failed to hold. Bitcoin briefly surpassed $80,000 before resuming its decline, according to Research’s technical analysis. He characterized the current market environment as one where expecting a bull market would be “foolish.”
Research outlined a near-term trading range amid the broader downtrend. He expects Bitcoin could bounce between $67,000 and $74,000 in short-term relief rallies, even as the asset continues lower over a longer timeframe. The analyst predicts Bitcoin could eventually break below $60,000, with key downside targets between $56,000 and $54,000.
The bearish call hinges on Bitcoin’s technical breakdown from multiple perspectives. The asset has undergone a deep price correction from the 0.618 Fibonacci level and the 200-day Moving Average, Research noted. These signals, combined with the broken ascending channel, constitute what the analyst described as “a major bearish signal potentially triggering Bitcoin’s largest price crash yet.”
Research acknowledged that multiple short-term rebounds are likely even as Bitcoin continues its downtrend, suggesting traders should expect volatility within the broader decline.
Context
Bitcoin’s recent price action has drawn scrutiny from technical analysts monitoring key support and resistance zones. Research’s warning represents a contrarian view to longer-term bullish narratives that have dominated crypto discourse, though the analyst did not elaborate on the timeframe over which the predicted crash could materialize.
