As the majority of cryptocurrencies are slowing down their gains, the crypto bull run 2024 seems to be at its end, and Bitcoin (BTC), the largest crypto asset by market capitalization, could dip significantly, according to a trading expert who believes this drop could be below the $40,000 level.
Indeed, renowned trading analyst Alan Santana has analyzed Bitcoin’s recent movements, suggesting that a crash toward $43,000 and $38,000 is possible within the following few weeks, as per the observations he shared in a TradingView post on September 2.
Major Bitcoin crash confirmed
Specifically, the expert highlighted that Bitcoin’s moving average (MA) shows an “ultra-bearish signal and confirms the bearish bias and potential” as it “moved below EMA8/13/21 weekly in July,” recovering last week after trading two weeks below but making a full rejection this week and returning below these MAs.
Picks for you
Furthermore, Santana stated that Bitcoin closed below the weekly support only once in 2024 – in early July – recovering quickly afterward and, after trading seven weeks above this level (blue line on the chart), the maiden asset in the crypto sector is closing this week below it. As he added:
“A close below this level, confirmed within less than two hours, confirms a major crash. This would be the weakest close since February 2024 if we skip the July candle.”
Finally, the expert concluded that he could see no bullish signals for the flagship decentralized finance (DeFi) asset and that “everything is extremely bearish,” pointing to a “crash toward $43,000 and $38,000 within the coming weeks,” telling his followers to “run for your life.”
On the other hand, late September could be a breakout time for Bitcoin, at least according to pseudonymous crypto analyst Rekt Capital, who has recently highlighted a chart pattern that uses the Bitcoin halving as a baseline and suggests that Bitcoin tends to break from consolidation between 150 and 160 days after the halving, as Finbold reported on September 1.
Bitcoin price analysis
For now, Bitcoin is changing hands at the price of $58,400, up 0.95% in the last 24 hours, dropping 8.52% across the previous seven days, and accumulating a loss of 5.49% on its monthly chart, according to the most recent data retrieved on September 2.
All things considered, multiple indicators point to a bearish price action in Bitcoin’s near future, although only time will tell how correct the trading expert was in predicting the exact amount of its decline. Regardless, doing one’s own research is critical, as things in this sector can easily change.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
