Here’s when Bitcoin will reach its ‘next major low’ before a buying opportunity arises.
The anticipation of a potential rebound in Bitcoin seems to have been dampened, as indicators suggest further downside ahead. Trading expert Alan Santana has projected in a recent TradingView post that investors should prepare for a ‘major low’ in Bitcoin before any rebound occurs.
Santana based his speculation on historical patterns, noting that it typically takes exactly 48 days for Bitcoin to establish a major low after reaching an all-time high. Using this pattern, he predicted two potential dates for the next low: July 8, 2024, and July 25, 2024.
According to Santana, the ideal date for the next low is July 8, considering when Bitcoin printed its latest lower high. He utilized TradingView’s index, which indicates that the bounce after the low on May 1 ended on May 21, leading to the July 8 projection. However, if the last high is considered to be set on June 7, 2024, the date shifts to July 25, 2024.
Santana also cautioned about a potential major crash, noting the bearish sentiment across conventional markets, including stocks and gold. However, he emphasized that once the low is established, investors can expect a significant buying opportunity.
The analysis also takes into account the psychological impact of Bitcoin’s high prices on investor behavior. Santana mentioned that some investors may be hesitant to buy at $70,000 per BTC, perceiving it as too expensive. Although this does not directly impact technical analysis, it is a factor worth considering.
Santana highlighted the role of human psychology and market perceptions in predicting market behavior. Understanding these psychological factors can aid in accurately forecasting market trends.
As of now, Bitcoin is priced at $64,148, experiencing weekly losses of approximately 4% after dropping below $66,000 earlier in the week. Key resistance levels for Bitcoin are between $66,000 and $66,600, while significant support can be found around $64,000 to $64,500.
Disclaimer: This content should not be construed as investment advice, as investing always carries risk.