Expert Warns of Bitcoin’s Potential Downfall After Record Surge

Key Points

1. An analyst who predicted the 2022 crypto crash suggests Bitcoin's new peak of $118,700 could be a 'bull trap' and may drop to around $64,000.

2. Altcoins have struggled to surpass previous peaks, with potential declines of 30-50% from their local highs.

3. The 'TOTAL2' index, excluding Bitcoin, indicates waning market strength, leading to skepticism about the current rally.

4. Bitcoin's current trend resembles a technical 'blow-off top,' signaling a possible sharp decline.

5. Market volatility and external factors, such as geopolitical events, are contributing to the uncertainty.