As a seasoned researcher with over two decades of experience in financial markets under my belt, I have witnessed numerous ups and downs, bull runs, and bear markets. The recent recovery in the crypto market has brought a glimmer of hope, but I cannot help but feel a sense of foreboding when I look at analyst Alan Santana’s latest analysis.
Over the past several days, the cryptocurrency market has shown signs of improvement, with weekends emerging as particularly bullish times. Nevertheless, despite this significant uptick in the crypto market, analyst Alan Santana has issued a cautionary statement predicting a possible crash that could plunge the market into chaos. Should this predicted crash occur, it might result in the crypto market losing nearly half of its total value, a potential indication of the onset of another prolonged bear market.
Why The Crypto Market Is In Trouble
In an examination posted on TradingView, cryptocurrency analyst Alan Santana explains his perspective that the market may be encountering difficulties. Based on Santana’s analysis, this is due to the Bitcoin price moving towards a capitulation phase, which could have widespread effects across the entire crypto market. Santana labels this as “Bitcoin’s 2024 Capitulation Incident,” suggesting it could potentially cause trouble for the broader cryptocurrency sector.
Lately, we’ve seen a significant amount of funds being removed from the cryptocurrency market. It’s important to note that this isn’t just happening with Bitcoin, but also with many other digital currencies, known as altcoins, based on the analysis.
Due to persistent selling, altcoins are no longer able to sustain their upward price momentum. As Alan Santana pointed out, they had been maintaining their strength despite Bitcoin’s fluctuations, but now they appear to be losing steam. This development is a clear indication of what’s happening in the market.
After this, the crypto expert anticipates a significant drop or crash in the market for cryptocurrencies. The graph indicates that if a decline occurs, it could potentially decrease by nearly 50% from its current value of approximately $2.2 trillion, bringing it down to as low as $1.26 trillion. This would return the market to levels last seen in the year 2022.
How Will Altcoins React To This Crash?
Delving deeper into the predicted stock market plunge, the cryptocurrency expert shared his insights on how he anticipates the altcoin sector will respond. In a term he coins “The Cryptocurrency Apocalypse,” Santana underscores that we are now in the tranquil phase before the impending turmoil.
As a crypto investor, I’m skeptical about the predictions suggesting an imminent bull run leading to a Bitcoin price of $100,000. Instead, my expectation is that we might witness a downward trend, with significant losses and liquidation of billions from traders happening swiftly.
After this recent dip, crypt analyst Santana predicts that Bitcoin will reach a fresh low before bouncing back positively. In essence, he anticipates that the initial digital currency will ultimately experience sustained growth. “The situation unfolds in the next 1-3 weeks,” he suggested. “Calling it ‘interesting to watch’ is an understatement; it’s going to be one of the most captivating events yet – watching the impending crash and global response.”
Read More
Sorry. No data so far.
2024-08-31 22:34