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 <p class="paragraph">A cryptocurrency trading expert has issued a cautionary warning to Bitcoin (BTC) investors, suggesting that a price <a rel="noopener noreferrer nofollow" title="crash" href="https://thebittimes.com/tag/crash.html">crash</a> might be <a rel="noopener noreferrer nofollow" title="imminent" href="https://thebittimes.com/tag/imminent.html">imminent</a> as the maiden digital asset struggles to break through the $65,000 resistance level.</p>
 <p class="paragraph">In a May 12 <em>TradingView</em> post, analyst <em>Alan Santana</em> highlighted signs indicating a possible downturn in Bitcoin’s price. <em>Santana</em> pointed to Bitcoin’s technical indicators and recent price movements as evidence supporting the likelihood of a forthcoming <a rel="noopener noreferrer nofollow" title="crash" href="https://thebittimes.com/tag/crash.html">crash</a>.</p>
 <p class="paragraph">The expert identified a troubling pattern reminiscent of a cap formation, suggesting a looming trend reversal. Compounding this observation, the all-time high and subsequent lower high sessions concluded with red candle closures below the critical Exponential Moving Average (EMA) 10, signaling a bearish trajectory for Bitcoin.</p>
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <p class="paragraph">Furthermore, the expert noted that Bitcoin has sustained two consecutive weeks of trading below EMA10, further solidifying the prevailing bearish sentiment in the market.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="574" src="https://cdn.thebittimes.com/images/2024/05/12/c808c540a01acbec21e8e76499b3632c.webp" alt class="wp-image-175439" srcset="https://cdn.thebittimes.com/images/2024/05/12/c808c540a01acbec21e8e76499b3632c.webp 1024w, https://cdn.thebittimes.com/images/2024/05/12/c808c540a01acbec21e8e76499b3632c.webp 300w, https://cdn.thebittimes.com/images/2024/05/12/c808c540a01acbec21e8e76499b3632c.webp 768w, https://cdn.thebittimes.com/images/2024/05/12/c808c540a01acbec21e8e76499b3632c.webp 1096w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView/Alan Santana</em>
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 <h2 class="wp-block-heading" id="h-how-low-will-bitcoin-drop-nbsp">How low will Bitcoin drop?&nbsp;</h2>
 <p class="paragraph">Given these concerning indicators, <em>Santana </em>painted a grim outlook for Bitcoin in the upcoming week. He envisioned an initial downward plunge towards the EMA50, projected to be around $46,000, as the cryptocurrency faces increasing pressure from sellers.</p>
 <p class="paragraph">The anticipated decline is poised to initiate a brief rebound, followed by a temporary lower high, as noted by the analyst. Subsequently, the analyst predicts that Bitcoin may further drop below $40,000.</p>
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  <p class="paragraph">“Expect something like this: First a drop toward EMA50 (~46,000) that will surely produce a bounce and short-term lower high, followed by a test of MA200 around $34,000. This is based on the weekly timeframe,” the expert noted</p>
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 <p class="paragraph">This projected scenario could significantly blow Bitcoin investors’ hopes that the leading cryptocurrency will maintain support above the $60,000 threshold. It’s worth noting that since its descent from the all-time high of $73,000 recorded in March, the market has been eyeing a potential price bottom before resuming its upward trajectory, with $100,000 remaining the next consensus target.</p>
 <p class="paragraph">In the short term, a Finbold report indicated that Bitcoin technical indicators suggest that the crypto will likely revisit the $72,000 mark.&nbsp;</p>
 <p class="paragraph">Notably, Bitcoin’s current troubles come even as the asset records heightened institutional interest, as evidenced by major United States banking giants. For example, Wells Fargo disclosed its current ownership of 2,245 shares of Grayscale Bitcoin Trust (GBTC), valued at $121,207.</p>
 <p class="paragraph">Similarly, JP Morgan (NYSE: JPM) disclosed its total holdings in Spot BTC ETFs through an SEC filing. The bank reported purchasing approximately $760,000 in shares in various Bitcoin trusts.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">By press time, Bitcoin was trading at $61,040 with daily losses of almost 0.3%. On the weekly chart, BTC is down 4%.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/05/12/ff5ac984d094b7235769d8534c32eb6d.webp" alt class="wp-image-175440" srcset="https://cdn.thebittimes.com/images/2024/05/12/ff5ac984d094b7235769d8534c32eb6d.webp 675w, https://cdn.thebittimes.com/images/2024/05/12/ff5ac984d094b7235769d8534c32eb6d.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">As things stand, Bitcoin can potentially realize <em>Santana’s</em> projection if it fails to hold the current $60,000 support.&nbsp; Therefore, the level remains a crucial spot to watch.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-meltdown-imminent-expert-warns-start-of-btc-crash-next-week-tbt88116.html">https://thebittimes.com/bitcoin-meltdown-imminent-expert-warns-start-of-btc-crash-next-week-tbt88116.html</a></p>

Bitcoin meltdown imminent? Expert warns start of BTC crash next week

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