$BTC In an analysis titled "Bitcoin - 50% crash is starting! (2017 trendline, huge warning)," Xanrox on TradingView reported on a potential downturn for Bitcoin (BTC). The analysis suggests that Bitcoin is in the final stages of a bullish cycle, and the best time to sell was at the 1.618 FIB extension or the main long-term 2017-2021-2025 trendline, a price point identified as $122,069.

Xanrox noted that Bitcoin had hit both of these levels two weeks prior to the post, which was considered a strong sell signal.

From an Elliott Wave perspective, the analysis suggests a high-probability ending diagonal pattern (rising wedge), and that Bitcoin had just completed wave 5 of this pattern, indicating the start of a new corrective pattern.

To confirm this trend, the author advises waiting for a break of the 50-week moving average. The report also highlights that August and September are historically the most bearish months for Bitcoin, which supports the idea of a coming sell-off. While Bitcoin has recently dipped and is approaching a strong support level, Xanrox believes it will go much lower in the coming months. #BTC #Write2Earn #CreatorPadChallenge