A crypto analyst has confirmed a potential Bitcoin (BTC) crash, pointing out a bearish descending triangle on its price chart. Bitcoin is holding above $60,000, raising concerns on how low it could go.
TradingView analyst Alan Santana warns that Bitcoin is forming a descending triangle, signaling an incoming price drop. With Bitcoin trading 20% lower than its $73,000 ATH in March 2024, a possible dip to $37,000 could indicate a 50% correction.
Santana suggests that such a correction would benefit Bitcoin, particularly before the US Presidential elections in November, possibly leading to a recovery to new highs. However, BTC's current price at $63,635 shows its momentum and critical resistance level.
An unexpected event could trigger a massive decline. Santana notes that BTC's monthly chart confirms the descending triangle pattern, pointing to a potential crash. Bitcoin’s prolonged sideways movement and lower highs over six months indicate a bearish trend.
Santana predicts BTC could dip below $49,000 with the next retracement level around $40,000 to $43,000. Conversely, a break above $70,000 could initiate a significant uptrend, emphasizing the critical nature of the $70,000 mark for a bullish market turn.
If Bitcoin maintains above $60,000, the market is experiencing over-leveraged trader liquidations and altcoin growth, leaving the overall sentiment cautious yet observant.
