Crypto Market In Trouble As Analyst Predicts $1 Trillion Crash
August 31 2024 - 3:30PM
NEWSBTC
The crypto market has seen some recovery over the last few days,
with the weekend becoming one of its most bullish periods. However,
despite the notable rise in the crypto market, crypto analyst Alan
Santana has warned of a potential crash that could send the market
spiraling. This crash, if materialized, could see the crypto market
lose around half of its market cap, something that could signal the
beginning of another drawn out bear market. Why The Crypto Market
Is In Trouble In the analysis shared on TradingView, crypto analyst
Alan Santana outlines why he believes that the market could be in
trouble. According to the crypto analyst, this is because the
Bitcoin price is entering capitulation and this could affect the
whole market. Santana refers to this as “Bitcoin’s 2024
Capitulation Event,” which poses a threat to the crypto market as a
whole. Related Reading: Crypto Pundit Predicts Ethereum Price Rise
To $3,000, But A Crash Could Happen First This comes because there
has been a lot of withdrawal from the crypto market in recent
times. This money is not only coming from Bitcoin, but a lot of
money is being pulled out of altcoins as well, according to the
analyst. The result of this constant withdrawal is the fact that
the prices of altcoins have been unable to maintain their uptrend.
“Many altcoins were looking good and remaining strong even while
Bitcoin moved up, or down, but now everything is starting to slow
down. This is the most revealing signal of all,” Alan Santana
stated. Following this, the crypto analyst expects an “obvious”
market crash for crypto. As for how low it could go, the chart
shows an almost 50% plunge from its current level of around $2.2
trillion to as low as $1.26 trillion, putting it back at levels not
seen since 2022. How Will Altcoins React To This Crash? Expanding
further on the expected market crash, the crypto analyst revealed
how he believes the altcoin market will react. In what he refers to
as “The Cryptocurrency Apocalypse,” Santana points out that the
market is currently experiencing the calm before the storm. He does
not believe that the calls for another bull run are accurate and
that the Bitcoin price could reach $100,000. Rather, he expects
prices to start dropping and billions of dollars to be liquidated
from traders “in a flash.” Related Reading: Dogecoin Eyes Massive
Bull Surge As Metrics Turn Green However, following this crash, the
crypt analyst forecasts that Bitcoin will hit a new low before
rising again. In this case, Santana believes that the pioneer
cryptocurrency will finally enjoy long-term growth. “The whole
dynamic should play within 1-3 weeks,” he stated. “Interesting to
watch is the biggest understatement in the history of life. It will
be the most fascinating event ever, to see the upcoming crash and
the worldwide reaction. Featured image created with Dall.E, chart
from Tradingview.com
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