Expert Outlines Phases of Bitcoin and Altcoins’ “Biggest Fall” as “Trouble Approaches”
A cryptocurrency trading expert has warned of a worrying outlook for the next price move for Bitcoin ($BTC) and altcoins, even as investors anticipate potential new highs.
Alan Santana outlined a grim scenario set to unfold in the coming weeks, backed by detailed analysis suggesting the market is teetering on the edge of what could be the most significant drop of 2024.
According to Santana, the cryptocurrency market is on the cusp of reaching the climax of a correction that has been building up throughout the year. He ominously stated that “trouble is approaching in the market,” indicating that the Bitcoin capitulation event is inevitable and will have a cascading effect on the entire cryptocurrency market.
He noted that money is rapidly being withdrawn from altcoins, many of which had shown resilience despite Bitcoin’s fluctuations.
“Trouble is coming to the market. Many altcoins were looking good and holding strong even when Bitcoin was going up or down, but now everything is starting to slow down. This is the most telling sign of all,” the expert noted.
The first key support zone lies around the $1.65 trillion level, a critical area that could determine the market’s short-term fate. If this support fails, the market could fall to the next central support zone, around $1.2 trillion.
Turning his attention to altcoins, Santana outlined his likely reactions to the impending drop. He believes some altcoins have already bottomed out.
