Bitcoin (BTC) has corrected below the $65,000 support, coinciding with a weakened market risk appetite.
Notably, market players have maintained that post-halving, Bitcoin needs to sustain its price above $65,000 for any real chance to establish a new all-time high. However, crypto trading expert Alan Santana has projected that BTC is primed for further correction as the market becomes frustrated with sustained consolidation.
In a TradingView post on April 25, the expert noted that with market sentiment having shifted to frustration, the next major support level to watch is $51,000 to $53,000.
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Despite fleeting flirtations with the $57,000 level, the analyst suggested that this price point holds little relevance and is unlikely to be sustained. Instead, he foresees a swift and decisive downward movement fueled by Bitcoin’s prolonged consolidation phase spanning over a month.
Bitcoin price levels to watch
Therefore, the market expert projected that Bitcoin might drop as low as $40,000, representing a correction of about 37% from the current valuation.
“There is no longer need to wait, we are done with it, the market is ready and the market is fed up. The market is saying, “let’s move forward!” Straight forward let’s move and it is ok if we go down short-term because long-term we are going up. So, let it drop just a little bit but fast and strong. 40K consider this number but it can end up much lower once the entire move is over and done,” the expert said.
At the same time, Santana advocated embracing short-term dips and remaining confident in Bitcoin’s long-term trajectory. Amidst predictions of Bitcoin reaching $250,000 by 2025, the analyst encouraged newcomers to seize the opportunity presented by potential price drops.
Further Bitcoin sell-off in the horizon
The possibility of further drop is highlighted by a previous Finbold report, noting that crypto trading expert Ali Martinez projected that Bitcoin faces sell signals, including the TD Sequential and a death cross chart pattern. With this pressure, the analyst projects Bitcoin is likely to drop below the $60,000 level.
Meanwhile, Bitcoin price correction is widely viewed as a post-halving retracement that mirrors historical performances. Despite the market sentiment, the consensus remains bullish on Bitcoin’s long-term prospects. For instance, Standard Chartered Bank projected that Bitcoin will likely rally to $150,000 following the halving.
Bitcoin Price Analysis
With Bitcoin dropping below $64,000, the market is on edge regarding the subsequent trajectory, as it will be key in helping the digital asset break out from the extended consolidation phase. Meanwhile, by press time, BTC traded at $63,970, with daily losses of almost 4%. On the weekly timeframe, the leading cryptocurrency is up over 2%.
Overall, attention is on Bitcoin bulls who are battling bears to sustain the leading cryptocurrency’s value above $60,000.
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