👉👉👉 Is A #bitcoin Crash Below $50,000 Still Possible? Crypto Analyst Shares The Possibilities
Bitcoin's price has stalled after reaching the $71,000 mark, lingering in a state of indecision. Such periods often precede a significant move, but predicting the direction is challenging. Crypto analyst Alan Santana has examined the Bitcoin chart to provide insight into its potential trajectory.
Bitcoin Could Be Headed Downward
- Alan Santana’s analysis reviews Bitcoin's performance over the past year to forecast future movements. According to Santana, Bitcoin has been in a bullish wave for over a year—479 days to be exact—since November 2022 through March 2024.
- Persistent bullish waves often lead to anticipated downturns as investors sell off holdings. Santana notes bearish waves typically move faster than bullish ones. After a 16-month bullish wave, the following bearish wave could unfold 2 to 2.5 times faster.
- Santana elaborates: “When the market is rising, people are buying gradually, building up positions & enjoying profits as everything grows. This is not the case when the market turns.”
He adds, “When a correction happens, people either prepare in advance or sell when they realize that the upward potential has been exhausted. Instead of gradually building a position, when the majority realizes the wave is over, they tend to close their entire positions quickly, accelerating the downward movement.”
Potential Bitcoin Price Movements
- Santana anticipates a sharp Bitcoin crash, impacting the broader market. He predicts an initial drop from $71,000 to $60,000, followed by further decline.
- At the bottom of this bearish wave, Santana suggests Bitcoin could reach $47,943. This implies a potential crash of approximately 33%, signaling a highly bearish period for the market.
In summary, Santana’s analysis suggests that Bitcoin could be poised for a significant downturn after its prolonged bullish run, with potential cascading effects on the wider #cryptocurrency market.
Source - newsbtc.com
