Bitcoin's Sentiment Turns Bearish as Analyst Alan Santana Warns of $40,000 Crash
Bitcoin's Sentiment Turns Bearish
Bitcoin's (BTC) sentiment appears to have turned bearish as analysts eye sub-$50,000 price targets, preparing for a crash. The leading cryptocurrency shows weakness at resistance, potentially making another lower high and continuing in a downtrend.
Analyst Alan Santana's Warning
Since reaching $73,800 and making a new all-time high (ATH) in March 2024, Bitcoin has clearly displayed a downtrend. In this context, Alan Santana, a reputable analyst, warned his followers to prepare for a crash down to $40,000.
- Lower highs indicate a bearish signal.
- Bitcoin has been printing lower lows.
- The next Fibonacci level below 49,000 sits around 40,000 – 43,000.
According to Santana, Bitcoin could be gearing up for another drop, confirming expectations of a significant decline.
Historical Context of Bitcoin's Crashes
Bitcoin has historically suffered from the September Effect, experiencing average losses during this month since 2013. The bearish sentiment grows stronger among analysts who warn of a BTC crash this month.
- The Crypto Cat and Digital Nomad Woman share similar forecasts.
- Ali Martinez points to a buildup in open interest, warning of a potential long squeeze.
Nearly $2 billion in Bitcoin futures contracts have opened in just 48 hours, highlighting the urgency and potential volatility in BTC's price movements.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.