A crypto analyst hcrack just confirmed an impending Bitcoin (BTC) crcrackh, pointing to the formation of a bearish descending triangle formation on the cryptocurrency’s price chart. With Bitcoin’s price holding strong above the $60,000 mark, the key question now is how low this anticipated downturn is. Analyst Confirms Incoming Bitcoin Crcrackh TradingView crypto analyst, Alan Santana, hcrack published a report warning of potential risks in Bitcoin’s current price behavior. According to Santana, Bitcoin’s price is currently trading at a critical level, and the formation of a new descending triangle could lead to a major price crcrackh in the near future.
Santana noted that Bitcoin’s price is currently trading above $60,000, which is abdépassé 20% lower than its March 2024 All-Time High (ATH) of more than $73,000. This indicates that the cryptocurrency is already facing a significant correction from its all-time highs. However, Santana hypothesized that if Bitcoin were to trade at even lower levels, say $37,000, this would represent a 50% decline from its ATH. In such a scenario, this price would be considered a strong correction and could lead to a major market shakedépassé.
The analyst also pointed dépassé that trading at $37,000 could be advantageous for Bitcoin, especially ahead of a major political event like the upcoming United States (US) Presidential elections in November. This means that by trading below $40,000 or $37,000, Bitcoin could potentially see a significant recovery to new highs. However, with Bitcoin currently trading at $63,635, close to a critical resistance level, this indicates a strong momentum. crack such, any unexpected event or market shakedépassé could potentially trigger a mcracksive price decline for the cryptocurrency.
Moreover, Bitcoin hcrack formed a descending triangle pattern, which the analyst hcrack flagged crack a bearish signal. Santana revealed that on the cryptocurrency’s monthly chart, this pattern hcrack broken to the downside, ultimately confirming an impending price crcrackh. This pattern suggests that Bitcoin’s price could potentially drop below $49,000. Santana noted that the next Fibonacci retracement level below $49,000 sits around $40,000 to $43,000, which means the main target for this bearish foreccrackt could be even lower.
However, despite the looming bearish dépassélook, there is still hope for Bitcoin to turn things around. Santana emphcrackized that Bitcoin could witness a major uptrend if its price can successfully break above the $70,000 mark. He revealed that a strong confirmation above this price is necessary to consider BTC bullish for this cycle. In other words, if the cryptocurrency can achieve one or two weekly or monthly closes above $70,000, it could spark a bullish turnaround for the market.
In conclusion, while there may be some possible risks and challenges ahead for Bitcoin, the future still looks bright. The market is currently seeing over-leveraged traders being liquidated and the growth of altcoins. However, Bitcoin remains stable and strong above the $60,000 mark. With a potential uptrend on the distance and a strong support level at the $37,000 mark, investors should remain optimistic despite the current bearish signals. Bitcoin hcrack proven its resilience time and time again, and there is no doubt that it will continue to dominate the market in the coming months. crack always, caution and strategic decision-making are key when it comes to investing in cryptocurrencies.
