Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin Price Analysis: Outlook for Continued Decline

Bitcoin Price Analysis: Outlook for Continued Decline

Cryptodnes2024/07/08 07:28
By:Cryptodnes

Alan Santana’s recent analysis on TradingView suggests that Bitcoin may continue to face downward pressure, citing several key indicators.

Santana emphasizes the importance of market psychology in predicting Bitcoin’s price movements. He notes that the current market sentiment lacks fear or panic, which typically accompanies market bottoms.

According to Santana, this absence of negative emotions suggests that further price declines may be on the horizon.

ПРОЧЕТИ ОЩЕ:
Potential Impact of Donald Trump Presidency on Bitcoin (BTC)

He points out that despite Bitcoin experiencing a small drop, there has been no widespread fear or surprise among investors. Santana believes this calm reaction could indicate that the correction is not yet complete.

Bitcoin Price Analysis: Outlook for Continued Decline image 0

Another factor Santana highlights is the lack of significant trading volume during recent price rebounds. This minimal trading activity, according to him, indicates that bullish investors are not yet ready to aggressively enter the market. Consequently, Santana believes that a substantial recovery in Bitcoin’s price seems unlikely in the near term.

Santana also considers the influx of new investors into the cryptocurrency market over the past 18 months. He estimates that millions of individuals have entered the market during this period, having only experienced Bitcoin’s upward price movements. Santana draws parallels to previous market cycles, suggesting that new generations of traders often face similar challenges.

Regarding Bitcoin’s recent price movements, Santana notes a decline from its peak of $74,000 in March to its current level around $57,000. Despite ongoing bullish sentiment among many investors, Santana views this as a potential warning sign. He predicts that a true market bottom typically coincides with widespread fear and panic, indicating potential buying opportunities when sentiment turns extremely negative.

While Santana’s analysis paints a bearish short-term outlook for Bitcoin, he maintains a positive long-term perspective. He anticipates that growth will resume after the current correction reaches its bottom. However, Santana advises investors to prepare for potential further price declines before a sustainable recovery phase begins.

SHARE: SHARES
2

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!