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<p>Bitcoin’s performance indicates a potential continued downturn, according to Alan Santana’s <a href="https://www.tradingview.com/chart/BTCUSDT/kXL0xRXN-Bitcoin-Straight-Down-Market-Psychology/" target="_blank" rel="noopener noreferrer nofollow">analysis </a>on TradingView. Santana points to several key factors indicating a potential continuation of the downward trend for BTC.</p>
<h2 class="wp-block-heading" id="strong-why-bitcoin-s-price-slump-might-continue-strong"><strong>Why Bitcoin’s Price Slump Might Continue</strong></h2>
<p>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.&nbsp;</p>
<p>This absence of negative emotions suggests that further price declines may be on the horizon.</p>
<p><em>“While Bitcoin produced a small drop, there is no fear, no surprise —nothing,</em>” Santana observes. He adds that this calm reaction from investors might indicate that the correction is not yet complete.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfMrzkT_0i3_XnmeOwDems_008CoXgU7Cp0xCfn_JQqNhXs8gNrWm5tDgbwmvrSrRGJfvj_eMe6z55KA9yZrz9j42_DrugCyTznqvBVXwXCaaW1qhLLOdLeT8V9gO76Vlybf7xTpNgqE-Z_wljJ_wes3U6-?key=0ry5NyKIL8h1kajpc7xmOA" alt="">
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<p>The analyst highlights the lack of volume during recent price bounces. This minimal trading activity indicates that bulls are not prepared to join the market aggressively. As a result, a substantial recovery seems improbable soon.</p>
<p>Santana explains, <em>“The lack of volume on the bounce indicates that the bulls are not ready to play.” </em>This observation further supports his bearish outlook for Bitcoin’s price.</p>
<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/polkadots-on-chain-metrics-grow-dot-price-pumps/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Polkadot’s On-Chain Metrics Grow, DOT Price Pumps</em></strong></a></p>
<h2 class="wp-block-heading" id="strong-new-investors-and-market-cycles-strong"><strong>New Investors and Market Cycles</strong></h2>
<p>A crucial factor in Santana’s analysis is the influx of new crypto investors over the past 18 months. He estimates that millions of people have joined the market during this period, experiencing only the upside of Bitcoin’s price movements.</p>
<p>These newcomers have yet to encounter a major market downturn. Santana draws parallels to previous market cycles, suggesting that new generations of traders often face similar challenges.</p>
<p><em>“Just as we all went through a crash after seeing massive growth and expecting forever more when we started to trade, something similar tends to happen to every new ‘generation’ of traders/participants,”</em> Santana explains.</p>
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<h2 class="wp-block-heading" id="strong-btc-s-warning-signs-and-price-predictions-strong"><strong>BTC’s Warning Signs and Price Predictions</strong></h2>
<p>Santana’s analysis serves as a cautionary note to investors. He notes that Bitcoin’s price has fallen from its March high of $74K to its current level of $58K. Despite the dip, many investors remain bullish, which Santana interprets as a possible warning sign.</p>
<p>The analyst predicts that a true market bottom will be accompanied by widespread fear and panic. He suggests that the optimal time to buy will be when sentiment turns extremely negative.</p>
<p>While Santana’s analysis paints a bearish short-term outlook for Bitcoin, he maintains a long-term positive view. He believes that growth will resume after the current correction reaches its bottom.</p>
<p>However, he advises investors to be prepared for potential further price declines before a sustainable recovery begins.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-btc-price-correction-might-not-be-over-heres-why/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Correction Might Not Be Over: Here’s Why</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin (BTC) Price Correction Might Not Be Over: Here’s Why

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Alte articole publicate pe 7 iul. 2024

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