Bitcoin is currently trading around $76k at press time, amid strong ETF inflows and declining exchange reserves. However, there is growing sentiment that the current setup is a bull trap for the premier digital currency. Analyst 0xChiefy recently predicted that the premier cryptocurrency will face a rejection around the $80k level before another notable price drop to $52k.
0xChiefy tweeted:
“Bitcoin will hit another rejection at the ~$80K level.
We’re now entering the FINAL bull trap before $BTC drops to $52K.
Position accordingly and don’t let them fool you.”
The analyst is using the Elliot Theory in conjunction with the reliable Fibonacci sequence, which is often used to understand long-term price trends. The Elliot Wave theory suggests that there are recurring patterns in the overall market psychology, including short-term impulsive moves followed by corrective situations. The recent rally from the $60k lows to $78k is classified as an impulsive rally, and a major rejection around the $80k resistance will now confirm this development, opening the door to a significant corrective phase.
$46k-$56k is the Key “Buy Zone”
The analyst believes that once the prices are near the long-term psychological support of $50k, there will be a good buying opportunity for Bitcoin investors. While it may seem quite low when BTC is trading at a relatively high price of $76k, it is consistent with predictions from other analysts who believe the current price increase is just a short-term uptick that will face rejection at a key resistance level like $80k.
Fibonacci retracement levels indicate several support zones on the way down, and the analyst has used them to predict a possible bottom around $52k for Bitcoin during this bear market. With over 33,000 followers on social media, 0xChiefy has predicted that once the bottom is in, the digital currency will launch a massive offensive in 2027 and reach as high as $150k.
Twitterati Respond
A large section of replies disagreed with the analyst’s take, with some responders chiding him for trying to push a last price pullback when the market is showing a strong recovery.
One user replied:
Another quipped:
While users, often fatigued by the long, dull market, are eager for a big price breakout, the truth is that we are still in deep bearish territory. The market’s sharp corrections at the end of 2025 and the beginning of this year have caused major trust issues with the 4-year cycle, but a quick turnaround isn’t something that can be expected that easily. The Bulls will have to grind out a win here.
