Cryptocurrency analyst Merlijn The Trader stated that before BTC breaks its new high of $150,000, there is one more significant downward phase remaining, to $58,000. He explained via X, "Based on Wall Street charts, the market reached its current state after going through phases of anxiety, denial, and fear, following euphoria when BTC hit $1.26 billion. The next phase is anger, with BTC expected to drop to approximately $58,000. This is the last leg before the market enters a phase of disbelief. After the disbelief phase, BTC is expected to rise gradually. The entire cycle is nearing completion, with only one more sharp drop remaining."
