With Bitcoin struggling to stay above $65,000, a cryptocurrency expert warns that the price may be on the verge of collapsing.
Alan Santana, an experienced cryptocurrency analyst, shared his views on TradingView, stating that Bitcoin is not in the best technical condition. He emphasized that a double top was formed in October and November, which typically occurs before a trend shifts from a bull market to a bear market, exacerbating negative sentiment in the cryptocurrency space.
The analyst also pointed out that declining trading volume indicates waning investor interest, which could further pressure prices, leading Bitcoin to reach new lows.
He stated that the short-term support level is around $62,470, with a key area at $59,883. The last significant low was recorded at $56,552. The analyst suggested that Bitcoin seems likely to retest this area, potentially falling to $55,000, $52,000, or even $50,000 in the short term.
In addition, Santana expects significant volatility between October 23 and November 21, which could result in substantial price fluctuations.
“The recent price action shows clear rejection. Bearish signals continue to pile up, which may mean that a new bottom is imminent.”
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If Bitcoin falls below $59,856, it may directly drop to the previous low of $56,562. Breaking out of the descending channel could signal a potential trend reversal, but the resistance line at $67,485 must be crossed first.
Santana’s analysis aligns with the widespread sentiment towards Bitcoin after failing to reach $70,000.
At the time of writing, the trading price of Bitcoin is around $65,430, with a slight daily loss. Looking at the weekly chart, the situation appears even worse, with the cryptocurrency dropping by over 4%. It has been a challenging week for Bitcoin, characterized by significant declines and failed recoveries.
The next few days are crucial, as the resistance level will be at $67,000, while the support level remains at $65,000. If Bitcoin continues to stay below these levels, it may confirm a bearish trend, leading to lower prices.
