Expert predicts Bitcoin is poised for a sudden and substantial decline sets bottom price for BTC

Bitcoin’s ongoing struggle to establish its price above the $65,000 support zone has led a trading expert to believe that technical analysis points to a more bearish scenario. According to Alan Santana, who posted on TradingView on June 18, Bitcoin has experienced a strong rejection, setting the stage for a bearish trend.

Santana emphasized a double top pattern that formed on May 21 and again in early June, signaling a reversal from a bullish to a bearish trend. This, combined with a consistent decrease in trading volume, supports the bearish sentiment as lower volumes often indicate weakening buying interest.

Santana pointed out that the accumulating bearish signals suggest a new low for Bitcoin, with immediate support levels projected at $62,470 and a more critical level at $59,883. He predicts that Bitcoin could fall to the last significant low of $56,552 and possibly further to $55,000, $52,000, or even $50,000 in the short term. Looking ahead, Santana forecasts a major momentum shift around June 21-23, suggesting heightened volatility and the potential for substantial price movements.

The analyst noted that if Bitcoin breaks below $59,856, it may test the previous low of $56,552. Conversely, if the price breaks above the descending channel, it could signal a potential reversal, but strong resistance around $67,485 must be overcome.

At the moment, Santana’s analysis aligns with the overall bearish sentiment surrounding Bitcoin after it failed to reach the $70,000 mark. Another analyst, TradingShot, has also warned that Bitcoin might be in line for further capitulation if the $61,000 support zone fails to hold.

As of press time, Bitcoin was trading at $65,430 with daily losses of about 0.30% and weekly losses of over 4%. The resistance at $67,000 and the critical support level at $65,000 will be key areas to watch, as continued struggle below these levels may confirm a bearish trend and potentially lead to lower price levels in the near future.