Analyst sets timeline for Bitcoin’s ‘capitulation event’ that’s due next
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. Picks for you ChatGPT-4o predicts Cardano (ADA) price for August 31, 2024