Bitcoin, symbolized as BTC, has been holding above the $60,000 support level. Nonetheless, a cryptocurrency analyst has cautioned about a looming decline for the pioneering digital asset. Alan Santana, in a post on TradingView on September 25, predicted that Bitcoin might crash and establish a significant bottom in the coming months if it remains below $70,000. Santana observed technical obstacles for Bitcoin following its peak at $74,000 in March 2024. The formation of a descending triangle on the chart leads Santana to foresee a potential drop to as low as $30,000. Despite this pessimistic view, Santana outlined two scenarios that could push Bitcoin into a bullish trajectory. The expert believes Bitcoin may undergo one major drop before initiating a meaningful recovery, possibly occurring between September and November 2024. Santana also noted a positive outlook for the altcoin market compared to Bitcoin. Another expert, Ali Martinez, highlighted Bitcoin’s crucial support level at $63,300, where a significant volume of transactions occurred. Failure to maintain support at this level could lead to a downturn towards $60,365. Presently, Bitcoin is trading at around $63,650, reflecting a slight increase in the past 24 hours and a positive trend over the last seven days. Maintaining its position above key moving averages suggests further growth potential in the short and long term.
