Market Expert Predicts 37% Bitcoin Price Correction as Market Risk Climbs

Bitcoin Price Correction: Market Ready for Major Drop as BTC Faces 37% Decline

Bitcoin has corrected below the $65,000 support level, coinciding with a weakened market risk appetite. Notably, market players have maintained that post-halving, Bitcoin needs to sustain its price above $65,000 for any real chance to establish a new all-time high.

Trading expert Alan Santana has projected that BTC is primed for further correction as the market becomes frustrated with sustained consolidation. With market sentiment shifting to frustration, the next major support level to watch is $51,000 to $53,000.

1. Despite fleeting flirtations with the $57,000 level, the analyst suggested that this price point holds little relevance and is unlikely to be sustained.
2. The expert foresees a swift and decisive downward movement fueled by Bitcoin's prolonged consolidation phase spanning over a month.

Therefore, the market expert projected that Bitcoin might drop as low as $40,000, representing a correction of about 37% from the current valuation.