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 Crash TradingView crypto analyst, Alan Santana has published a report warning of potential risks in Bitcoin’s current price behavior, pointing to a possible price crash driven by the formation of a new descending triangle.
He further disclosed that BTC has been printing lower highs in the short-term and mid-term for more than six months, highlighting that lower highs were an indication of a bearish trend. Based on the cryptocurrency’s market behavior, descending triangle pattern and current price, Santana has predicted that Bitcoin could dip below $49,000.
He noted that the next Fibonacci retracement level below $49,000 sits around $40,000 to $43,000, meaning the main target for this bearish forecast could be even lower. BTC Uptrend Hinges On $70,000 Breakout While emphasizing the potential for Bitcoin to crash below $49,000, Santana also disclosed that Bitcoin could witness a major uptrend if its price can successfully break above the $70,000 mark.
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