The Bitcoin price has stalled after hitting the $71,000 level, floating in what is essentially a limbo of indecisiveness. Naturally, periods like these act as a predecessor to a massive move, but what direction the price might be headed in is another thing entirely. In an effort to pinpoint where Bitcoin is going, crypto analyst Alan Santana has analyzed the Bitcoin chart and come up with a possible direction.
Bitcoin Could Be Headed Downward
Alan Santana’s looks at the Bitcoin performance over the past year in a bid to tell where the price might be headed. As the analyst points out, the Bitcoin price has been in a bullish wave for more than one year, 479 days to be exact, since November 2022 through to March 2024.
Naturally, when bullish waves like these last for so long, it is expected that there will be a crash downward as investors begin to sell off their holdings. The problem is that bearish waves after a bullish wave move faster, and with the bullish wave lasting for 16 months, the bearish wave is expected to unravel quickly. As the crypto analyst points out, it is often 2x or 2.5x faster than the bullish wave.
Where Is The BTC Price Headed From Here?
In the bearish wave expected by the crypto analyst, he believes that the Bitcoin price could crash more than 30% from its current price of $71,000. The chart shows a possible initial crash down to the $60,000 levels, and then he expects it to continue further.
At the bottom of this crash is the $47,943 level, presumably where the analyst expects the crash to end. If this does happen, then the BTC price could be looking at an approximately 33% crash, something that could be incredibly bearish for the market.
