After hitting $71,000, Bitcoin has been stuck in limbo. But what’s next? Crypto analyst Alan Santana has some insights.
Bitcoin’s Bullish Run Coming to an End?
Santana believes Bitcoin’s bullish trend, which started in November 2022, is nearing its end. Bullish waves typically last around a year, and Bitcoin’s has been going for 16 months.
Bearish Waves: Faster and Sharper
When a bullish wave ends, a bearish wave follows. And according to Santana, these waves are often 2-2.5 times faster than the bullish ones.
Why Bearish Waves Are Faster
Santana explains that during a bullish wave, investors buy slowly and steadily. But when the market turns, investors sell quickly to avoid losses. This leads to a rapid decline in prices.
Bitcoin’s Potential Crash
Santana predicts a sharp crash for Bitcoin, potentially dropping more than 30% from its current price. The initial crash could take it down to $60,000, followed by a further decline to $47,943.
Market Impact
If Bitcoin crashes, the rest of the crypto market will likely suffer even more.
