C👀uld Bitcoin Plunge Below $50,000? Crypto Analyst Predicts a Sharp Drop😕

Bitcoin's price has stalled at $71,000, creating uncertainty about its next move. Crypto analyst Alan Santana shares insights on whether a significant downturn could be imminent.

Alan Santana's analysis delves into Bitcoin's performance over the past year. He notes that Bitcoin has enjoyed a bullish trend for 479 days, from November 2022 to March 2024. However, prolonged bullish waves often precede sharp downturns as investors start selling off their holdings.

Santana explains that bearish waves tend to be 2-2.5 times faster than bullish ones. “When the market rises, people buy gradually, building up their positions. But during a correction, they either prepare in advance or sell off quickly once they sense the peak is reached,” he says. This quick selling can accelerate the downward movement.

Santana predicts a sharp drop for Bitcoin, potentially more than 30% from its current price of $71,000. He suggests an initial decline to around $60,000, with the crash potentially bottoming out at $47,943. This would represent a roughly 33% decrease, which could significantly impact the broader crypto market.

As Bitcoin hovers at a critical point, investors should brace for possible volatility.
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