The market’s hopes for a Bitcoin rebound seem to have been dashed as indicators are pointing towards further downside in the coming days. Trading expert Alan Santana predicts a ‘major low’ for Bitcoin before any potential rebound, based on historical patterns. Santana suggests two potential dates for the next low: July 8, 2024, and July 25, 2024.
Santana leans towards July 8 as the ideal date given the timing of Bitcoin’s latest lower high. He warns of a potential major crash, citing the bearishness in the conventional market. However, he also highlights that once the low is reached, investors can expect a major buying opportunity for long-term growth.
The trading expert initially considered the psychological barrier some investors face with Bitcoin’s high prices. He noted that some investors may find $70,000 for one BTC too expensive, impacting market perceptions. Santana emphasizes the importance of understanding human psychology and market participants’ perceptions in predicting market behavior for accurate trend forecasting.
Bitcoin was trading at $64,148 with weekly losses of almost 4% after dropping below $66,000 earlier. Key resistance levels for Bitcoin are between $66,000 and $66,600, with significant support around $64,000 to $64,500 where the asset has stabilized. Investors should keep an eye on these levels in the coming week for potential market trends.
In conclusion, while the market anticipates a Bitcoin rebound, indicators are pointing towards further downside in the near future. Alan Santana’s analysis suggests a ‘major low’ for Bitcoin before a potential rebound, with two potential dates for the next low. Understanding human psychology and market perceptions are crucial for accurately forecasting market trends in the volatile cryptocurrency market. Investors should exercise caution and stay informed about Bitcoin’s key resistance and support levels in the coming days.
