The Bitcoin price has hit a plateau at $71,000, leading to uncertainty about its future direction. Analyst Alan Santana has conducted an analysis of the Bitcoin chart to predict where the price might be headed. Santana believes that Bitcoin could be in for a downward trend after experiencing a bullish wave for over a year.
According to Santana, bearish waves tend to move faster than bullish waves, especially after an extended period of growth. He explains that when the market is on the rise, people gradually build up their positions and enjoy the profits. However, when a correction occurs, people tend to sell off their entire holdings, causing a rapid downward movement in prices.
The analyst expects the bearish wave to result in a sharp crash for Bitcoin, potentially leading to a more than 30% drop from its current price. Santana predicts an initial crash down to $60,000 levels, with a potential further decline to a bottom of $47,943. This could translate to a 33% crash in the BTC price, which would be detrimental to the market as a whole.
Overall, Santana’s analysis suggests that the Bitcoin price might be headed downwards in the near future. Investors should be prepared for a potential significant drop in value, which could impact the broader cryptocurrency market. It remains to be seen how accurately the analyst’s predictions will play out in this volatile and unpredictable market.
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