A cryptocurrency trading expert has raised concerns for Bitcoin (BTC) investors, warning of a possible price crash as the digital asset struggles to break through the $65,000 resistance level. Analyst Alan Santana highlighted signs of a potential downturn in Bitcoin’s price, pointing to technical indicators and recent price movements as evidence. Santana identified a troubling pattern resembling a cap formation, indicating a looming trend reversal. The expert noted that Bitcoin has been trading below the critical Exponential Moving Average (EMA) 10 for two consecutive weeks, solidifying a bearish sentiment in the market. Santana predicted an initial downward plunge towards EMA50, around $46,000, followed by a rebound and a temporary lower high, potentially dropping below $40,000. This projected scenario could disappoint investors hoping for Bitcoin to maintain support above $60,000. Despite institutional interest in Bitcoin from major US banking giants like Wells Fargo and JP Morgan, Bitcoin’s price struggles continue. As of now, Bitcoin is trading at $61,040 with daily losses of almost 0.3% and a 4% decrease on the weekly chart. It is crucial for Bitcoin to hold the $60,000 support level to avoid realizing Santana’s projection. Investors should be cautious as investing in cryptocurrencies is speculative and carries risks.
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