Bitcoin Price Stalls at $71,000: Crypto Analyst Alan Santana Predicts Next Move
The Bitcoin price has stalled after reaching the $71,000 level, floating in a state of indecisiveness. Such periods often precede a significant move, but the direction remains uncertain. To shed light on where Bitcoin might be headed, crypto analyst Alan Santana has analyzed the Bitcoin chart and proposed a potential trajectory.
Bitcoin Could Be Heading Downward
Crypto analyst Alan Santana has examined Bitcoin’s performance over the past year to predict its future price direction. He notes that Bitcoin has experienced a bullish wave for more than a year—479 days to be exact—from November 2022 through March 2024.
Long-lasting bullish waves often lead to downward crashes as investors start selling off their holdings. Bearish waves tend to move faster than bullish ones, and with this bullish wave lasting 16 months, the subsequent bearish wave is expected to unfold quickly. According to Santana, bearish waves can be 2 to 2.5 times faster than bullish ones.
Explaining this phenomenon, Santana says, “When the market is rising, people are buying slowly but surely, building up positions and enjoying profits as the market grows. This changes when the market turns.” He further explains, “When a correction happens, people either prepare in advance or sell once they realize the upward potential has been exhausted. Instead of ‘building a position,’ when most players recognize the wave is over, they tend to close their entire position, accelerating the down move. That’s why downward movements are faster than upward ones.”
Given this analysis, Santana expects the bearish wave to result in a sharp crash for Bitcoin, which would, in turn, impact the rest of the market more severely.
Where Is the BTC Price Headed from Here?
In the bearish wave anticipated by the crypto analyst, Bitcoin’s price could drop more than 30% from its current $71,000 level. The chart indicates an initial crash down to the $60,000 range, followed by a further decline.
The analyst predicts the crash might bottom out at $47,943, representing an approximate 33% decline. Such a significant drop would be highly bearish for the market.