The post Bitcoin price is set to ‘crash and produce one major low’ appeared on BitcoinEthereumNews.com.

Although Bitcoin (BTC) is solidifying its position above the $60,000 support zone, a cryptocurrency analyst has warned that the maiden digital asset is headed for a significant downturn. Particularly, Bitcoin is likely to crash and form a major low in the coming months, a period that will possibly be marked by high volatility if it continues to trade below $70,000, Alan Santana noted in a TradingView post on September 25. Santana highlighted the technical challenges Bitcoin has faced since reaching an all-time high of $74,000 in March 2024. In early March, a powerful bearish signal emerged, with the highest daily bearish volume seen in years on March 5, foreshadowing the market’s downward trajectory. Since then, Bitcoin has been unable to recover, producing a series of lower highs until it ultimately crashed in early August. Santana pointed out that this downward trend remains intact, leaving little room for optimism unless key levels are reclaimed. The descending triangle formed on Bitcoin’s chart is a crucial pattern contributing to Santana’s bearish stance. This formation, often pointing to further downside, has intensified concerns of a breakout to lower levels. According to Santana, the potential severity of the decline shows Bitcoin possibly falling as low as the $30,000 range. Bitcoin price analysis chart. Source: TradingView/Alan Santana Bitcoin’s price levels to watch  Despite the bearish outlook, Santana suggested that two scenarios could shift Bitcoin into bullish territory. The first would be a breakout above $71,000, invalidating much of the current downward momentum. The second would involve Bitcoin producing a new low with reduced selling volume and oversold indicators, signaling that a bottom may be near. In either case, Santana stressed that Bitcoin will need to show clearer signs of reversal before any optimism can take hold. The expert added that Bitcoin would likely produce one major…

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Filed under: News - @ September 25, 2024 5:20 pm