As Bitcoin (BTC) continues to trade in a consolidation phase below $65,000, technical indicators and historical performances suggest that the maiden cryptocurrency might be on the brink of significant capitulation in the coming months.
In particular, crypto trading expert Alan Santana’s analysis in a TradingView post on April 27 suggested that Bitcoin could drop over 50% from its current price to $30,000.
The analyst warned investors to beware of the imminent “capitulation drop,” which he suggested marks a significant event that occurs only once every several years. Santana’s calculations are based on Bitcoin’s average trading range over the past month and a half, which sits around $66,600.
The expert pointed to several indicators, including declining volume and a weakening Relative Strength Index (RSI), as signs of impending bearish momentum. The analysis outlined a potential scenario where Bitcoin experiences a sharp drop, followed by a stabilization.
Bitcoin
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