The post Analyst sets timeline for Bitcoin’s ‘capitulation event’ that’s due next appeared on BitcoinEthereumNews.com.

A cryptocurrency trading expert has suggested that the ongoing Bitcoin (BTC) sell-off will likely escalate in the coming weeks, noting that the asset is facing a possible capitulation event. In a TradingView post on August 3, analyst Alan Santana noted that this projection is based on a detailed examination of historical price movements and critical technical indicators, which forewarn investors of significant market turbulence ahead. According to the expert, Bitcoin surged past $70,000 on July 29, 2024, but the euphoria was short-lived. The cryptocurrency couldn’t sustain this price level for even 15 minutes, swiftly falling below the mark and trading below $65,000. This rapid descent indicates overwhelming selling pressure at this price point. In contrast, Bitcoin’s journey above $20,000 paints a different picture. After surpassing this level in mid-January 2023, Santana observed that it remained there persistently, dipping below only briefly in March 2023. This prolonged stability above $20,000 is a bullish signal, reflecting strong market confidence. However, the scenario above $70,000 tells a different story. Bitcoin first breached this level on March 11, 2024, but could only maintain it for eight days over the subsequent months. This failure to hold above $70,000 repeatedly highlights a bearish trend, underscoring the market’s struggle to sustain higher valuations.  The repeated inability to hold above $70,000 is a harbinger of an impending market correction. Therefore, Santana’s analysis warns of an upcoming capitulation event, anticipated within the next one to two months. “I am warning you so that you don’t have to suffer, lose money, like we did many times before in the past when we started “trading” without experience and got locked up after a major rise. The capitulation event is due next. It can happen within 1-2 months, give or take,” the expert stated.  A key component of Santana’s analysis is the…

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Filed under: News - @ August 3, 2024 12:12 pm