{"id":644704,"date":"2024-09-26T18:00:54","date_gmt":"2024-09-26T18:00:54","guid":{"rendered":"https:\/\/wncen.com\/?p=644704"},"modified":"2024-09-26T11:37:47","modified_gmt":"2024-09-26T11:37:47","slug":"bitcoin-descending-triangle","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-descending-triangle\/","title":{"rendered":"Bitcoin Descending Triangle Formation Says A Crash Is Coming, How Low Can It Go?"},"content":{"rendered":"

A crypto analyst has just confirmed an <\/span>impending Bitcoin (BTC) crash<\/span><\/a>, pointing to the formation of a bearish descending triangle formation on the cryptocurrency\u2019s price chart. With Bitcoin\u2019s price holding strong above the $60,000 mark, the key question now is how low this anticipated downturn is.\u00a0<\/span><\/p>\n

Analyst Confirms Incoming Bitcoin Crash<\/h2>\n

TradingView crypto analyst, Alan Santana has published a <\/span>report<\/span><\/a> warning of potential risks in <\/span>Bitcoin\u2019s current price behavior<\/span><\/a>, pointing to a possible price crash driven by the formation of a new descending triangle. Santana noted that currently, the <\/span>price of Bitcoin<\/span><\/a> is trading above $60,000, which is about 20% lower than its March 2024 All-Time High (ATH) of more than $73,000.\u00a0<\/span><\/p>\n

The analyst hypothesized that if <\/span>Bitcoin<\/span><\/a> were trading at a lower price level of $37,000, this would represent a 50% decline from its March ATH. In such a case, this price would be seen as a strong correction from <\/span>all-time highs<\/span><\/a>.\u00a0<\/span><\/p>\n

Santana also revealed that <\/span>trading at $37,000 would be advantageous for Bitcoin<\/span><\/a>, especially before a major political event like the upcoming United States (US) Presidential elections in November. This means that by trading below $40,000 or $37,000, Bitcoin would be due for a significant <\/span>recovery to new highs<\/span><\/a>.\u00a0<\/span><\/p>\n

However, since BTC is currently trading at $63,635, a price mark close to a critical resistance level, this indicates a strong momentum. As such, if an unexpected event or market shakeout occurs, it could potentially trigger a <\/span>massive price decline for the cryptocurrency<\/span><\/a>.\u00a0<\/span><\/p>\n

Moreover, Bitcoin has formed a <\/span>descending triangle pattern<\/span><\/a>, which the analyst has flagged as a bearish signal. He revealed that on the cryptocurrency\u2019s monthly chart, this pattern broke to the downside, ultimately confirming an <\/span>impending price crash<\/span><\/a>.\u00a0<\/span><\/p>\n

As a result, Santana has warned that <\/span>investors should expect a Bitcoin crash<\/span><\/a>, citing the cryptocurrency\u2019s prolonged sideways movement with a bearish bias over the past six months. 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.\u00a0<\/span><\/p>\n

Based on the cryptocurrency\u2019s market behavior, descending triangle pattern and current price, Santana has predicted that <\/span>Bitcoin could dip below $49,000<\/span><\/a>. 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.\u00a0<\/span><\/p>\n

BTC Uptrend Hinges On $70,000 Breakout<\/h2>\n

While emphasizing the potential for Bitcoin to crash below $49,000, Santana also disclosed that <\/span>Bitcoin could witness a major uptrend<\/span><\/a> if its price can successfully break above the $70,000 mark. He revealed that a strong confirmation above this price is necessary to consider BTC bullish this cycle.\u00a0<\/span><\/p>\n

Specifically, if the cryptocurrency can achieve a one or two weekly or monthly close above $70,000, it could spark a <\/span>bullish turnaround<\/span><\/a> for the market. However, while Bitcoin is rising and maintaining a price above $60,000, the market is only seeing over-leveraged traders being liquidated and the growth of altcoins.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC bulls push price higher | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

A crypto analyst has just confirmed an impending Bitcoin (BTC) crash, pointing to the formation of a bearish descending triangle formation on the cryptocurrency\u2019s price chart. With Bitcoin\u2019s price holding strong above the $60,000 mark, the key question now is how low this anticipated downturn is.\u00a0 Analyst Confirms Incoming Bitcoin Crash TradingView crypto analyst, Alan Santana has published a report warning of potential risks in Bitcoin\u2019s current price behavior, pointing to a possible price crash driven by the formation of a new descending triangle. Santana noted that currently, the price of Bitcoin is trading above $60,000, which is about 20% lower than its March 2024 All-Time High (ATH) of more than $73,000.\u00a0 The analyst hypothesized that if Bitcoin were trading at a lower price level of $37,000, this would represent a 50% decline from its March ATH. In such a case, this price would be seen as a strong correction from all-time highs.\u00a0 Santana also revealed that trading at $37,000 would be advantageous for Bitcoin, especially before a major political event like the upcoming United States (US) Presidential elections in November. This means that by trading below $40,000 or $37,000, Bitcoin would be due for a significant recovery to new highs.\u00a0 However, since BTC is currently trading at $63,635, a price mark close to a critical resistance level, this indicates a strong momentum. As such, if an unexpected event or market shakeout occurs, it could potentially trigger a massive price decline for the cryptocurrency.\u00a0 Moreover, Bitcoin has formed a descending triangle pattern, which the analyst has flagged as a bearish signal. He revealed that on the cryptocurrency\u2019s monthly chart, this pattern broke to the downside, ultimately confirming an impending price crash.\u00a0 As a result, Santana has warned that investors should expect a Bitcoin crash, citing the cryptocurrency\u2019s prolonged sideways movement with a bearish bias over the past six months. 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.\u00a0 Based on the cryptocurrency\u2019s 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.\u00a0 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. He revealed that a strong confirmation above this price is necessary to consider BTC bullish this cycle.\u00a0 Specifically, if the cryptocurrency can achieve a one or two weekly or monthly close above $70,000, it could spark a bullish turnaround for the market. However, while Bitcoin is rising and maintaining a price above $60,000, the market is only seeing over-leveraged traders being liquidated and the growth of altcoins.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":644738,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-644704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Descending Triangle Formation Says A Crash Is Coming, How Low Can 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Descending Triangle Formation Says A Crash Is Coming, How Low Can It Go?","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-descending-triangle\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-descending-triangle\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Bitcoin-crash-3.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Bitcoin-crash-3.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-09-26T18:00:54Z","datePublished":"2024-09-26T18:00:54Z","dateModified":"2024-09-26T18:00:54Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Descending Triangle Formation Says A Crash Is Coming, How Low Can It Go?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-descending-triangle\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-descending-triangle\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin-crash-3.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin-crash-3.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-09-26T18:00:54Z\",\"datePublished\":\"2024-09-26T18:00:54Z\",\"dateModified\":\"2024-09-26T18:00:54Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/09\/Bitcoin-crash-3.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/644704"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=644704"}],"version-history":[{"count":1,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/644704\/revisions"}],"predecessor-version":[{"id":644741,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/644704\/revisions\/644741"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/644738"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=644704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=644704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=644704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}