2024-10-10 02:30 |
Crypto analyst AlanSantana presented a compelling argument regarding the future of Bitcoin, stating that Bitcoin “will crash.” He emphasized the significance of price action analysis and the patterns observed in the market.
AlanSantana explained that consolidation is a precursor to both uptrends and downtrends, asserting that without a consolidation phase, an uptrend cannot occur, nor can a downtrend.
Historical Patterns of Growth and DeclineOn the left side of his chart, AlanSantana highlighted a clear sideways pattern where prices were low, indicating an ultra-bullish sentiment. He noted that this consolidation phase led to substantial growth between October 2023 and March 2024. However, after March 2024, the growth ceased, replaced by a consolidation phase characterized by lower highs and lower lows.
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As he shifted focus to the right side of the chart, AlanSantana pointed out another sideways pattern, this time with a bearish inclination. Prices were high, and he described the sentiment as ultra-bearish. He asserted that this consolidation phase was setting the stage for a significant crash, claiming that it had been seven months in the making.
AlanSantana cautioned that while traders might feel secure with Bitcoin trading at $60,000, it is still significantly below the previous baseline of $70,000. He predicted further declines, suggesting that trading at $50,000 could be on the horizon.
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Show more +Show less –AlanSantana reassured his followers that despite the impending downturn, the community is in it together. He expressed empathy for those who may not yet see the reality of the situation but encouraged them to focus on the chart rather than the noise of the market.
Ultimately, AlanSantana’s message was clear: Bitcoin is poised for a crash, and while he acknowledges the discomfort that comes with such predictions, he insists that understanding and preparing for this potential movement is crucial for protecting capital.
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