Alan Santana, a crypto analyst on TradingView, has predicted that the Bitcoin price could potentially experience a drastic decline to new lows around $35,720
A crypto analyst on TradingView, known as Alan Santana, has predicted that the price of Bitcoin could experience a drastic decline to new lows around $35,720 due to muted buying volume. According to Santana, the current state of the market is bearish, highlighting potential manipulation from whale investors.
Bitcoin has not reached projected new price peaks and is currently trading within a lower high below $70,000, despite experiencing 75 days of bullish activity. While the cryptocurrency did hit an All-Time High (ATH) in March, surging past $73,000, Santana believes that the general market has become relatively bearish.
Most of the Bitcoin price action between August 5 and to present day is forming part of an inverted correction, which suggests that prices have been rising but without reaching new peaks.
Santana also declares that the current Bitcoin price action confirms that there is no bullish momentum. He attributed this lack of momentum to muted whale activities, highlighting that there are currently no buyers or buying volume at the current market level.
Due to these bearish conditions, Santana has predicted that Bitcoin could end up crashing to $35,720, representing a massive 46.68% decrease to new lows. This also means that Bitcoin’s price will drop by almost half, triggering panic and fear amongst retail and whale investors.
However, it is important to note thatксперти are divided on whether Bitcoin will reach $35,720 or not. Some believe that the cryptocurrency could drop to $40,000 before recovering, while others predict that Bitcoin will reach $100,000 before the end of the year.
Only time will tell what the future holds for Bitcoin, but it is certainly an exciting time to be involved in the cryptocurrency market.
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