Bitcoin (BTC) Price Stuck at US$71,000, Crash Coming?
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The price of Bitcoin (BTC) recently stalled after hitting US$71,000, leaving the market in limbo.
Periods of stagnation like this often precede significant price movements, but predicting the direction of those movements remains challenging. Crypto analyst Alan Santana has analyzed BTC price charts to forecast potential future trends.
BTC Price Could Head for a Decline
NewsBTC reports, analysis by Alan Santana looks at Bitcoin's performance over the past year to predict its future price direction.
He noted that Bitcoin has experienced a bullish wave that lasted more than a year, 479 days to be precise, from November 2022 to March 2024. Prolonged bullish trends like this are usually followed by sharp declines when investors start selling their holdings.
The problem is that bearish waves that follow long bullish periods tend to be more rapid. According to Santana, these bearish waves often occur 2 to 2.5 times faster than previous bullish waves.
CRASH POTENTIAL
Santana predicts that a bearish wave could result in a drop of more than 30 percent from BTC's current price of US$71,000. He predicted an initial drop to the US$60,000 level, with further falls expected.
This analyst points to the US$47,943 level as the potential bottom of this bearish wave. If this scenario occurs, Bitcoin could crash by up to 33 percent, which would be very bearish for the market.
Santana's analysis emphasizes the importance of being alert and prepared for sudden market shifts. Investors should consider their positions and risk tolerance carefully, especially during periods of market uncertainty and potential bearish reversals.
