Specialist Details Stages of Impending Major Downturn for Bitcoin and Altcoins Amid Looming Challenges

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    <p class="paragraph">An authority in <a target="_blank" href="https://finbold.com/guide/cryptocurrency-trading/">cryptocurrency trading</a> has sounded an alarm over the potential downward trajectory for Bitcoin (<a target="_blank" href="https://finbold.com/cryptocurrency/bitcoin/">BTC</a>) and other digital currencies, amidst expectations by <a target="_blank" href="https://finbold.com/guides/investing/">investors</a> for possible price peaks.</p>

    <p class="paragraph">In a <em>TradingView</em> <a target="_blank" href="https://www.tradingview.com/chart/TOTAL/i96ohJ7H-The-Biggest-Crash-Since-The-Bear-Market-Bitcoin-The-Altcoins/" rel="noreferrer noopener">post</a> dating back to August 25, <em>Alan Santana</em> painted a bleak picture for the coming weeks in the crypto space, which is purportedly at a pivotal verge of a decline that could be the most severe in 2024, according to his comprehensive analysis.</p>

    <p class="paragraph">Santana warns that a pivotal moment of correction, which has been accumulating over the year, is near climax, with distress signals alluding to a Bitcoin plunge and subsequent impact across the larger <a target="_blank" href="https://finbold.com/guides/cryptocurrency/">cryptocurrency environment</a>.</p>

    <p class="paragraph">His cautionary note includes observations of capital outflows from altcoins, which had maintained stability against the ebb and flow of Bitcoin values.</p>

    <blockquote class="wp-block-quote">
        <p class="paragraph">"The market is about to encounter strife. Even as Bitcoin fluctuated, many altcoins held steady. Now, however, we're starting to see a general deceleration. That's the clearest indicator there is," Santana commented.</p>
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    <h2 class="wp-block-heading" id="h-key-levels-to-watch-nbsp">Key levels to watch</h2>

    <p class="paragraph">Santana's analysis suggests an ongoing downward trend, with Bitcoin struggling to surpass resistance and an overall market cap in descent. He points out important <a target="_blank" href="https://finbold.com/guide/support-and-resistance/">support</a> zones due for testing in the near future.</p>

    <p class="paragraph">He identifies a crucial support zone near the $1.65 trillion benchmark, which is pivotal for the short-term market trajectory. Should this area yield, the market is liable to drop to the subsequent significant support zone near $1.2 trillion.</p>

    <figure class="wp-block-image">
        <img decoding="async" width="906" height="458" src="https://assets.finbold.com/uploads/2024/08/image-171.png" alt="" class="wp-image-197369" srcset="https://assets.finbold.com/uploads/2024/08/image-171.png 906w, https://assets.finbold.com/uploads/2024/08/image-171-300x152.png 300w, https://assets.finbold.com/uploads/2024/08/image-171-768x388.png 768w" sizes="(max-width: 906px) 100vw, 906px" />
        <figcaption class="wp-element-caption"><em>Chart illustrating the total cryptocurrency market analysis. Source: TradingView</em></figcaption>
    </figure>

    <h2 class="wp-block-heading" id="h-phases-of-upcoming-market-correction-nbsp">Phases of upcoming market correction</h2>

    <p class="paragraph">Santana goes on to describe the expected stages of the impending market disruption, starting with a deceptive calm that could incorrectly suggest stability. As losses mount, denial will initially prevail among traders, followed by overwhelming panic leading to hasty asset sell-offs and Bitcoin's descent.</p>

    <p class="paragraph">Despite the downturn, a gradual recovery is anticipated, although many may prematurely exit the market and miss subsequent upturns. Santana further muses over the potential market catalysts and the headlines they may generate in what may unfold as a dramatic couple of weeks in crypto annals.</p>

    <h2 class="wp-block-heading" id="h-impact-on-altcoins-nbsp">Impact on altcoins</h2>

    <p class="paragraph">Santana shifts focus to the predicted impact on individual altcoins, suggesting that while some have already found their floor and will likely experience a minor dip, prominent altcoins at inflated prices are set for a harder hit and a more extended recovery period.</p>

    <p class="paragraph">Meanwhile, Bitcoin endeavors to hold above the $64,000 mark, with a recent 7% increase over the last week, bringing its price to $64,128 at reporting time.</p>

    <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The material provided herein is not to be taken as investment advice. Investment carries risks, and decisions made are at one's own peril as capital is at risk.</em></p>
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