Bitcoin’s ultimate pain threshold: Unveiling BTC’s fresh downturn price target
Bitcoin (BTC) is garnering considerable attention as it undergoes a substantial consolidation, hovering just above the $60,000 threshold.
Offering insights into the latest price movements, cryptocurrency trading specialist Alan Santana shared his analysis on TradingView on June 30, outlining potential correction targets.
Santana’s assessment revealed that the support range for Bitcoin’s imminent drop, labeled the “ultimate pain threshold,” lies between the 0.618 and 0.786 Fibonacci retracement levels. This range is calculated based on the most recent bullish wave, providing a broader perspective on market movements.
The key levels to monitor are the 0.618 Fibonacci retracement level at $42,855 and the 0.786 Fibonacci retracement level at $34,900. Santana emphasized that Bitcoin’s price is unlikely to dip below $30,000, asserting that such a scenario would be unprecedented.
“Bitcoin shall never, ever, in the history of humanity’s kind trade below $30k. Think of the bottom of the correction, ultimate pain threshold within this price range. It could be the lowest point of the range, or it could be the highest or somewhere in between,” the expert declared.
The analyst proposed that the bottom of the correction could land anywhere within the specified range, be it at the lower end, upper threshold, or somewhere in the middle.
It is worth highlighting that while Bitcoin continues to consolidate, it faces increasing risks of dipping below the $60,000 support zone. Despite this, there has been a notable resurgence of retail investors on Bitcoin’s network, evidenced by the surge in new BTC addresses.
According to data shared by crypto analyst Ali Martinez on June 29, the number of new Bitcoin addresses has skyrocketed to 352,124, marking the highest level since April.
The resurgence of retail investors could indicate renewed confidence in Bitcoin’s potential, even amidst its recent price corrections.
At present, Bitcoin is trading at $61,470, with daily gains of nearly 1%. On the weekly chart, Bitcoin has declined by over 4%.
Meanwhile, the one-day technical analysis for Bitcoin presents mixed signals. Oscillators are predominantly neutral, with nine neutral, one sell, and one buy indicator. Moving averages suggest a strong sell, with 11 sell, one neutral, and three buy indicators. In summary, the analysis recommends selling Bitcoin, with 12 sell, 10 neutral, and four buy indicators.
In the meantime, as Bitcoin reclaims the $61,000 level, it must sustain gains above this threshold to avert further corrections.
Disclaimer: The content provided here should not be considered as investment advice. Investing in Bitcoin or any other cryptocurrency carries risks, and capital is always at risk.