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<div class="finbold">
 <p class="paragraph">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.</p>
 <p class="paragraph">In particular, crypto trading expert <em>Alan Santana’s</em> analysis in a <em>TradingView</em> post on April 27 suggested that Bitcoin could drop over 50% from its current price to $30,000.</p>
 <p class="paragraph">The analyst warned investors to beware of the <a rel="noopener noreferrer nofollow" title="imminent" href="https://thebittimes.com/tag/imminent.html">imminent</a> “<a rel="noopener noreferrer nofollow" title="capitulation" href="https://thebittimes.com/tag/capitulation.html">capitulation</a> drop,” which he suggested marks a significant event that occurs only once every several years. <em>Santana’s</em> calculations are based on Bitcoin’s average trading range over the past month and a half, which sits around $66,600.</p>
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 <p class="paragraph">The expert<em> </em>&nbsp;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.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="559" src="https://cdn.thebittimes.com/images/2024/04/28/687e500a85dd849cc4a82189fc4458dd.webp" alt class="wp-image-172297" srcset="https://cdn.thebittimes.com/images/2024/04/28/687e500a85dd849cc4a82189fc4458dd.webp 1024w, https://cdn.thebittimes.com/images/2024/04/28/687e500a85dd849cc4a82189fc4458dd.webp 300w, https://cdn.thebittimes.com/images/2024/04/28/687e500a85dd849cc4a82189fc4458dd.webp 768w, https://cdn.thebittimes.com/images/2024/04/28/687e500a85dd849cc4a82189fc4458dd.webp 1106w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“This is the final <a rel="noopener noreferrer nofollow" title="warning" href="https://thebittimes.com/tag/warning.html">warning</a> and a friendly reminder; what we are about to witness is a “<a rel="noopener noreferrer nofollow" title="capitulation" href="https://thebittimes.com/tag/capitulation.html">capitulation</a> drop!”. &lt;…&gt; the 50% <a rel="noopener noreferrer nofollow" title="capitulation" href="https://thebittimes.com/tag/capitulation.html">capitulation</a> drop, we get a number in the range of $33,300. &lt;…&gt; The action should go something like this: The initial drop fast and strong; remember that the initial move is bearish marketwide, period. Then this move stabilizes and the ALTSBTC and smaller Altcoins will recover first. Mid-size second and the biggest one last,” the expert said.&nbsp;</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-key-levels-to-watch-nbsp">Key levels to watch&nbsp;</h2>
 <p class="paragraph"><em>Santana</em> added that Bitcoin’s failure to break above key resistance levels, such as the EMA50, further confirms the market’s short-term bearish bias. According to <em>Santana</em>:&nbsp;</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“Bitcoin moved back below EMA50 24-April and has been trading below. As long as the trading happens below this level, here set at $64,560; the short-term bearish bias is super strong and confirmed.”&nbsp;</p>
 </blockquote>
 <p class="paragraph">At the same time, <em>Santana</em> pointed out that the potential for correction can be derived from historical Bitcoin performance. For instance, the trading expert noted that May historically tends to be a challenging month for cryptocurrencies, mainly when prices are coming down from multi-year highs.</p>
 <p class="paragraph">However, the analyst encouraged investors not to panic, as the capitulation drop represents the beginning of a new bullish phase for Bitcoin, with significant opportunities expected to emerge in late 2024 and throughout 2025.</p>
 <p class="paragraph">Despite the anticipated drop to around $30,000, <em>Santana </em>predicted that Bitcoin would eventually rebound by 30-50% before slowly climbing. This gradual ascent could see Bitcoin experience a significant bullish momentum expected to kick in within the first six months of 2025, a year when a new all-time high is expected.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">As of press time, Bitcoin was trading at $63,519, reflecting gains of approximately 0.6% over the last 24 hours. However, in the weekly timeframe, Bitcoin declined by nearly 3%.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/04/28/b7a4cb6ecf267debf51d79bafb82898e.webp" alt class="wp-image-172298" srcset="https://cdn.thebittimes.com/images/2024/04/28/b7a4cb6ecf267debf51d79bafb82898e.webp 675w, https://cdn.thebittimes.com/images/2024/04/28/b7a4cb6ecf267debf51d79bafb82898e.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">Elsewhere, a review of Bitcoin’s one-day technical analysis sourced from<em> TradingView</em> echoes bearish sentiments. A summary of the indicators indicates a ‘sell’ sentiment at 11, while moving averages also signal ‘sell’ at 9. The same bearish sentiment is mirrored in oscillators, with a gauge reading of 2.</p>
 <figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="193" src="https://cdn.thebittimes.com/images/2024/04/28/434e9bd620d36ad739af56d1fa8ddc79.webp" alt class="wp-image-172299" srcset="https://cdn.thebittimes.com/images/2024/04/28/434e9bd620d36ad739af56d1fa8ddc79.webp 1024w, https://cdn.thebittimes.com/images/2024/04/28/434e9bd620d36ad739af56d1fa8ddc79.webp 300w, https://cdn.thebittimes.com/images/2024/04/28/434e9bd620d36ad739af56d1fa8ddc79.webp 768w, https://cdn.thebittimes.com/images/2024/04/28/434e9bd620d36ad739af56d1fa8ddc79.webp 1536w, https://cdn.thebittimes.com/images/2024/04/28/434e9bd620d36ad739af56d1fa8ddc79.webp 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin technical analysis. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">Overall, the <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> appears to align with the historical trend known as the post-halving retrace, where Bitcoin undergoes a correction before resuming its upward rally. Breaching below the $60,000 mark could further validate the prevailing bearish sentiment.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/final-warning-as-bitcoin-faces-imminent-devastating-capitulation-tbt86827.html">https://thebittimes.com/final-warning-as-bitcoin-faces-imminent-devastating-capitulation-tbt86827.html</a></p>

‘Final warning’ as Bitcoin faces imminent devastating capitulation

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TheBitTimes

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