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Analyst Says This Is The Next Major Bitcoin Support Level, Expects Fast Correction

An experienced market analyst has outlined the range between $51,000 and $53,000 as the next Bitcoin support level to watch.

Bitcoin Support Level

The price of Bitcoin has entered a consolidation phase since hitting a new all-time high last month. While BTC has often shown signs of continuing its uptrend, bearish sentiment remains largely dominant and, according to prominent analyst Alan Santana, could send prices crashing in the weeks ahead.

The experienced analyst shared his latest prediction in a TradingView forecast, identifying the range between $51,000 and $53,000 as the next Bitcoin support level to watch. Regarding his reason for such a stance, the analyst noted that BTC has flashed several bearish signals across several indicators on the daily chart, including lower volumes and relative strength index (RSI).

In view of such bearish signals and a lengthy consolidation period that has spanned over 40 days, the analyst expects Bitcoin’s price to take decisive action and believes going lower is the easier route. On its way down, the analyst predicts that $57,000 will only provide short-term support for Bitcoin.

However, he expects the cryptocurrency to slide below that support to the lower ranges earlier mentioned. He also teases a worst-case scenario whereby BTC drops as low as $40,000 before beginning a new uptrend.

Bitcoin to Drop Analysis
(Source: TradingView)

Bitcoin Price Remains Long-term Bullish

While the analyst is bearish on Bitcoin’s short-term performance, he reflects the generally bullish outlook that many market observers have on BTC in the long term.

For instance, he paints a hypothetical scenario where Bitcoin hits $250,000 at the top of the current cycle. If such outrageous price growth follows, then he believes the impending drop to lower levels would only have been ideal as it would have given more investors the chance to boost their BTC exposure.

As noted, Alan Santana’s bullish Bitcoin price predictions reflect overall market sentiment in the long term. Analysts at Bitfinex predict a five times increase in demand for the BTC in this post-halving era, potentially sending prices much higher. As CoinTab has also reported in recent times, historical data also forecasts a minimum $180,000 price for Bitcoin before the end of 2025.

Wilfred Michael

Wilfred Michael is a highly experienced cryptocurrency journo. He has spent more than five years covering this exciting new technological space, and relishes the opportunity to play a role in driving what he considers to be the future of finance.