After reaching the $71,000 mark, Bitcoin’s price has stagnated and floats in what is almost a limbo of uncertainty. Periods like this are obviously a precursor to a significant movement, but the direction the price could be traveling is still uncertain. By using a Bitcoin chart analysis, crypto researcher Alan Santana has deduced a probable direction in an attempt to identify where Bitcoin is headed.

Analysis of Bitcoin’s Recent Performance

Alan Santana’s study, which examined Bitcoin’s performance over the previous year, aimed to predict its future trajectory. As the expert notes, from November 2022 through March 2024, the Bitcoin price has been in a positive wave for more than one year, 449 days exactly.

Naturally, as investors start to sell off their holdings, a collapse downslope is predicted when bullish waves like this endure for such lengths. The problem arises from the bullish wave’s sixteen-month duration, which predicts a swift disintegration of the bearish wave. This is because bearish waves, which follow a bullish wave, move more quickly. As the crypto expert notes, “it typically moves twice or three times. It moves five times faster than the bullish wave.”

Predicting the Downtrend

Alan Santana justified this by stating, “People are gradually but surely building up a position, enjoying the market and profits as everything rises when the market is increasing.” This isn’t the case when the market fluctuates.

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He goes on to say that “people either sell when they understand the upward potential has been exhausted or plan ahead when a downturn does occur.” Thus, instead of “building a position,” when most players recognize the wave is gone, they prefer to close the entire position; thus, the down move may truly accelerate, and that’s why it is faster than when prices rise.

Implications for Bitcoin and the Market

This implies that the cryptocurrency expert anticipates a significant decline in Bitcoin, coinciding with the negative trend. This would consequently impact the rest of the market, which is known to experience greater losses than Bitcoin.

Based on the projected negative wave, the crypto expert believes that the price of Bitcoin could drop by more than thirty percent from its current level of $69,350. The chart depicts a likely initial fall down to the $60,000 levels, and then he expects it to continue beyond.

The $47,943 level at the bottom of this slide most likely represents where the analyst anticipates the collapse to stop. Should this occur, the BTC price may be looking at a roughly 33% crash—something rather unfavorable for the market.