Crypto trader and analyst Alan Santana predicts Bitcoin may face a similar capitulation event to the March 2020 crash after 224 days of sideways movement.
Bitcoin whales have increased holdings by 1.9% in two weeks, while retail wallets have seen minimal growth.
Santana believes that Bitcoin's current sideways trend resembles the market behavior before the March 2020 collapse.
There is a possibility of a potential 2024 capitulation event where BTC might drop to levels observed in late 2023.