Analyst predicts one more major BTC drop to $58K

Cryptocurrency analyst Merlijn The Trader stated that Bitcoin has one more significant drop to the $58,000 level remaining before it can surpass a new all-time high of $150,000. In a post on X, he explained that based on the Wall Street Cheat Sheet market cycle, the market experienced euphoria when BTC hit $126,000 and has since moved through phases of anxiety, denial, and fear. The analyst anticipates the next stage will be anger, projecting a BTC decline to around $58,000. He described this as the final phase before the market enters a state of disbelief, after which Bitcoin is expected to begin a gradual rise. He concluded that the entire cycle is nearing completion, with just one more sharp drop to go.