Bitcoin prepared for abrupt and significant decline expert establishes bottom price for BTC

Bitcoin’s (
BTC
) ongoing efforts to break through the $65,000 support zone have hit a roadblock, with a trading expert suggesting that technical analysis indicates a more bearish outlook.

In a post on June 18 on
TradingView
, the expert, Alan Santana, pointed out that Bitcoin has experienced a “strong rejection,” signaling a potential bearish trend. Santana highlighted a double top pattern that formed on May 21 and again in early June, typically indicating a shift from a bullish to a bearish trend, further supporting Bitcoin’s negative outlook.

Additionally, Santana noted a consistent decrease in trading volume, which typically indicates weakening buying interest and could pave the way for a price drop.

Santana pointed out that the accumulating bearish signals suggest a new low for Bitcoin, with immediate support levels projected at $62,470 and a more critical level at $59,883. The last significant low was recorded at $56,552, and Santana predicts that Bitcoin could fall to this level and possibly further to $55,000, $52,000, or even $50,000 in the short term.

Looking ahead, Santana forecasts a major momentum shift around June 21-23, suggesting heightened volatility and the potential for substantial price movements.

At the moment, Santana’s analysis aligns with the overall bearish sentiment surrounding Bitcoin, with Finbold reporting that another analyst, TradingShot, warned that Bitcoin might be in line for further capitulation if the $61,000 support zone fails to hold.

As of press time, Bitcoin was trading at $65,430 with daily losses of about 0.30%. On the weekly chart, Bitcoin is down over 4%.

Overall, it has been a challenging week for Bitcoin, characterized by significant drops and failed recovery attempts. The resistance at $67,000 and the critical support level at $65,000 will be key areas to watch. If Bitcoin continues to struggle below these levels, it may confirm a bearish trend and potentially lead to lower price levels in the near future.