Is A Bitcoin Crash Below $50,000 Still Possible? Crypto Analyst Shares The Possibilities
07 Junio 2024 - 9:30PM
NEWSBTC
The Bitcoin price has stalled after hitting the $71,000 level,
floating in what is essentially a limbo of indecisiveness.
Naturally, periods like these act as a predecessor to a massive
move, but what direction the price might be headed in is another
thing entirely. In an effort to pinpoint where Bitcoin is going,
crypto analyst Alan Santana has analyzed the Bitcoin chart and come
up with a possible direction. Bitcoin Could Be Headed Downward Alan
Santana’s analysis looks at the Bitcoin performance over the past
year in a bid to tell where the price might be headed. As the
analyst points out, the Bitcoin price has been in a bullish wave
for more than one year, 479 days to be exact, since November 2022
through to March 2024. Related Reading: Inverted Hammer Appears On
The XRP Price Chart, Crypto Analyst Picks First Target Of $0.75
Naturally, when bullish waves like these last for so long, it is
expected that there will be a crash downward as investors begin to
sell off their holdings. The problem is that bearish waves after a
bullish wave move faster, and with the bullish wave lasting for 16
months, the bearish wave is expected to unravel quickly. As the
crypto analyst points out, it is often 2x or 2.5x faster than the
bullish wave. Explaining the reason behind this, Alan Santana said
that, “When the market is rising, people are buying, slowly but
surely, building up a position and enjoying the market and profits
as everything grows. This is not the case when the market turns.”
He further explains that “When a correction happens, people either
prepare in advance or sell when they realize that the upward
potential has been exhausted. So instead of ‘building a position,’
when the majority of players realize that the wave is over they
tend to close the entire position, and thus, the down move can
really speed up, and that’s why the down move is faster than when
prices grow.” Given this, the crypto analyst expects the bearish
wave to come with a sharp crash for Bitcoin. This, by extension,
would affect the rest of the market, which is known to suffer more
than Bitcoin. Where Is The BTC Price Headed From Here? In the
bearish wave expected by the crypto analyst, he believes that the
Bitcoin price could crash more than 30% from its current price of
$71,000. The chart shows a possible initial crash down to the
$60,000 levels, and then he expects it to continue further. Related
Reading: Bitcoin On The Verge As Global Liquidity Nears New $100
Million ATH At the bottom of this crash is the $47,943 level,
presumably where the analyst expects the crash to end. If this does
happen, then the BTC price could be looking at an approximately 33%
crash, something that could be incredibly bearish for the market.
Featured image created with Dall.E, chart from Tradingview.com
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