2024-6-7 11:15 |
Bitcoin’s price movements have always been a subject of intense analysis. Trader Alan Santana offered a comprehensive analysis of Bitcoin’s current state on TradingView lately. Despite some notable developments in the market, the analyst notes that bearish signals continue to dominate, suggesting that a correction might be imminent.
Market Signals and Recent TrendsSantana notes that the chart reveals a clear pattern: lower highs and almost three months of bearish consolidation. This period, known as the distribution phase, often precedes a drop. Notably, despite the SEC’s approval of multiple Ethereum Spot ETFs, the market failed to respond positively, reinforcing bearish sentiments. When positive news fails to push prices higher, it is generally a negative sign.
Bitcoin’s recent performance has been characterized by lower highs and decreasing volume as noted by santana. This trend suggests that bearish expectations remain valid. The latest price data from Coingecko shows Bitcoin trading at $71,148.04, reflecting a 0.24% and a 3.76% rise over the last day and week, respectively. However, this slight upward movement does not negate the overall bearish outlook.
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Show more +Show less – Bitcoin (BTC) Price AnalysisSantana’s analysis highlights the duration of Bitcoin’s latest bullish wave, which lasted 479 days (16 months) from November 2022 to March 2024. Market analysts often note that bearish waves tend to unravel much faster than bullish waves, typically occurring 2 to 2.5 times quicker. If the bullish wave lasted 16 months, the bearish correction could unfold in a significantly shorter period.
The reason for this rapid decline lies in market behavior. During a bullish wave, investors build positions slowly, enjoying steady growth and profits. Conversely, when a correction begins, investors either prepare in advance or sell rapidly once they realize the upward potential is exhausted. This quick liquidation accelerates the downtrend, making bearish waves faster than their bullish counterparts.
The Current Market SentimentDespite some positive news, the market’s failure to rally indicates a strong bearish sentiment. Bitcoin’s lower highs and decreasing volume signal that the market is likely preparing for a correction. The SEC’s approval of Ethereum Spot ETFs, which typically would be bullish, did not stimulate notable price movement. This lack of response underscores the prevailing bearish mood.
Furthermore, historical patterns suggest that a bearish wave could unfold rapidly. Investors’ tendency to liquidate positions quickly during a downturn contrasts with the slow accumulation during bullish periods. This behavior contributes to the faster pace of bearish corrections, which could soon impact Bitcoin.
Read also: Here’s Why BEAM, Fetch.ai (FET), and dogwifhat (WIF) Are Cryptos to Avoid This Month
The current analysis by Trader Alan Santana suggests that the market is still expecting a correction. The combination of lower highs, decreasing volume, and the market’s tepid response to positive news all point towards a bearish outlook. Bitcoin’s current price movements and market signals indicate that a correction may be on the horizon.
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The post Bitcoin Price Analysis: Top Trader Warns of an Imminent BTC Correction – Here’s Their Outlook appeared first on CaptainAltcoin.
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