A cryptocurrency trading expert has suggested that the ongoing Bitcoin (BTC) sell-off will likely escalate in the coming weeks, noting that the asset is facing a possible capitulation event.
In a TradingView post on August 3, analyst Alan Santana noted that this projection is based on a detailed examination of historical price movements and critical technical indicators, which forewarn investors of significant market turbulence ahead.
According to the expert, Bitcoin surged past $70,000 on July 29, 2024, but the euphoria was short-lived. The cryptocurrency couldn’t sustain this price level for even 15 minutes, swiftly falling below the mark and trading below $65,000. This rapid descent indicates overwhelming selling pressure at this price point.
In contrast, Bitcoin’s journey above $20,000 paints a different picture. After surpassing this level in mid-January 2023, Santana observed that it remained there persistently, dipping below only briefly in March 2023. This prol
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