Crypto Analyst Predicts 45% Drop For Bitcoin, But Says It Won’t Go Below This Level

As a researcher with a background in finance and experience in following the cryptocurrency market, I find Alan Santana’s prediction of a Bitcoin crash to $35,000 intriguing but also cautionary. While it is important to consider various perspectives when analyzing market trends, Santana’s analysis based on Fibonacci retracement levels adds valuable insight into the potential downside risks for Bitcoin investors and traders.

As a researcher studying the cryptocurrency market, I’ve noticed that Bitcoin has experienced significant volatility in recent times. Following its recovery from the dip below $60,000, it has managed to establish a support level above $61,000. However, despite these gains, Bitcoin has yet to break through crucial resistance levels such as $63,500. Consequently, bearish sentiments continue to prevail within the market. One crypto analyst has gone so far as to predict that the Bitcoin crash is not yet over and anticipates much lower prices than initially expected.

Crypto Analyst Calls Out Possible Bitcoin Crash To $35,000

Crypto expert Alan Santana has shared his perspective on Bitcoin’s potential price downturn in a recent analysis published on TradingView. Drawing from historical trends and key indicators like the maximum pain point, his prediction suggests an imminent price drop.

According to Santana’s assessment, the most challenging price point for Bitcoin at present falls within the range of the 0.618 and 0.786 Fibonacci retracements. This implies that Bitcoin has yet to reach its lowest point based on this particular analysis, with the current Fibonacci levels still relatively low.

As a crypto analyst, I believe that the downward trend in Bitcoin’s price is likely to persist. The potential low points for this correction are estimated to be around $34,900 and $42,855. Consequently, if this prediction holds true, we could witness a significant drop of approximately 45% from the current pricing level.

As a researcher studying cryptocurrency markets, I was anticipating a significant price drop based on previous trends and market conditions. However, upon closer analysis, a crypto expert I consulted holds a contrasting view. He asserts that the Bitcoin price will not descend below the $30,000 mark again in the future.

As a crypto analyst, I would encourage investors and traders to keep their information current. It is crucial to regularly review and adjust your calculations and open positions based on the latest market developments. In essence, stay informed and adapt accordingly – these are the newly updated figures that matter.

Not Everyone Is Bearish

Although Alan Santana holds a pessimistic view regarding Bitcoin’s price, not every crypto analyst shares his perspective. Following the 20% price drop, some analysts are optimistic, believing that the worst of the Bitcoin price decline has passed and a rebound is imminent.

One cryptocurrency pundit, known as Doctor Bitcoin, anticipates a price surge for Bitcoin. He shares his insights on TradingView, revealing a harmonic chart pattern suggesting an imminent bullish reversal. If his analysis holds true, Bitcoin could experience a significant uplift, potentially reaching $85,000 – representing approximately a 35% increase from the current value.

Currently, the cost of a Bitcoin is hovering around $62,800, representing a 2.26% rise over the past day.

Crypto Analyst Predicts 45% Drop For Bitcoin, But Says It Won’t Go Below This Level

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2024-07-02 07:34