{"id":9745,"date":"2024-09-26T18:00:54","date_gmt":"2024-09-26T18:00:54","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=9745"},"modified":"2024-09-26T18:00:54","modified_gmt":"2024-09-26T18:00:54","slug":"bitcoin-descending-triangle-formation-says-a-crash-is-coming-how-low-can-it-go","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=9745","title":{"rendered":"Bitcoin Descending Triangle Formation Says A Crash Is Coming, How Low Can It Go?"},"content":{"rendered":"

A crypto analyst has just confirmed an impending Bitcoin (BTC) crash<\/a>, pointing to the formation of a bearish descending triangle formation on the cryptocurrency\u2019s price chart. With Bitcoin\u2019s price holding strong above the $60,000 mark, the key question now is how low this anticipated downturn is.\u00a0<\/p>\n

Analyst Confirms Incoming Bitcoin Crash<\/h2>\n

TradingView crypto analyst, Alan Santana has published a report<\/a> warning of potential risks in Bitcoin\u2019s current price behavior<\/a>, pointing to a possible price crash driven by the formation of a new descending triangle. Santana noted that currently, the price of Bitcoin<\/a> is trading above $60,000, which is about 20% lower than its March 2024 All-Time High (ATH) of more than $73,000.\u00a0<\/p>\n

The analyst hypothesized that if Bitcoin<\/a> were trading at a lower price level of $37,000, this would represent a 50% decline from its March ATH. In such a case, this price would be seen as a strong correction from all-time highs<\/a>.\u00a0<\/p>\n

Santana also revealed that trading at $37,000 would be advantageous for Bitcoin<\/a>, especially before a major political event like the upcoming United States (US) Presidential elections in November. This means that by trading below $40,000 or $37,000, Bitcoin would be due for a significant recovery to new highs<\/a>.\u00a0<\/p>\n

However, since BTC is currently trading at $63,635, a price mark close to a critical resistance level, this indicates a strong momentum. As such, if an unexpected event or market shakeout occurs, it could potentially trigger a massive price decline for the cryptocurrency<\/a>.\u00a0<\/p>\n

Moreover, Bitcoin has formed a descending triangle pattern<\/a>, which the analyst has flagged as a bearish signal. He revealed that on the cryptocurrency\u2019s monthly chart, this pattern broke to the downside, ultimately confirming an impending price crash<\/a>.\u00a0<\/p>\n

As a result, Santana has warned that investors should expect a Bitcoin crash<\/a>, citing the cryptocurrency\u2019s prolonged sideways movement with a bearish bias over the past six months. He further disclosed that BTC has been printing lower highs in the short-term and mid-term for more than six months, highlighting that lower highs were an indication of a bearish trend.\u00a0<\/p>\n

Based on the cryptocurrency\u2019s market behavior, descending triangle pattern and current price, Santana has predicted that Bitcoin could dip below $49,000<\/a>. He noted that the next Fibonacci retracement level below $49,000 sits around $40,000 to $43,000, meaning the main target for this bearish forecast could be even lower.\u00a0<\/p>\n

BTC Uptrend Hinges On $70,000 Breakout<\/h2>\n

While emphasizing the potential for Bitcoin to crash below $49,000, Santana also disclosed that Bitcoin could witness a major uptrend<\/a> if its price can successfully break above the $70,000 mark. He revealed that a strong confirmation above this price is necessary to consider BTC bullish this cycle.\u00a0<\/p>\n

Specifically, if the cryptocurrency can achieve a one or two weekly or monthly close above $70,000, it could spark a bullish turnaround<\/a> for the market. However, while Bitcoin is rising and maintaining a price above $60,000, the market is only seeing over-leveraged traders being liquidated and the growth of altcoins.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

A crypto analyst has just confirmed an impending Bitcoin (BTC) crash, pointing to the formation of a bearish descending triangle formation on the cryptocurrency\u2019s price chart. With Bitcoin\u2019s price holding strong above the $60,000 mark, the key question now is how low this anticipated downturn is.\u00a0 Analyst Confirms Incoming Bitcoin Crash TradingView crypto analyst, Alan […]<\/p>\n","protected":false},"author":0,"featured_media":9746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-9745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9745"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9745"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/9745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/9746"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}