Bitcoins Maximum Pain Point BTCs New Price Correction Target Revealed
Bitcoin (BTC) remains a focal point of interest amidst significant consolidation, holding just above the $60,000 threshold. As the market eagerly awaits Bitcoin’s next move, crypto trading authority Alan Santana shared his insights on recent price developments in a June 30 post on TradingView, outlining potential correction targets.
Santana’s analysis pinpointed the support range for Bitcoin’s anticipated downturn, referred to as the “maximum pain point,” situated between Fibonacci retracement levels of 0.618 and 0.786. This range, derived from the latest bullish surge, offers a comprehensive perspective on market dynamics.
Key insights highlighted by Santana include crucial levels to monitor: the 0.618 Fibonacci retracement at $42,855 and the 0.786 Fibonacci retracement at $34,900. Santana asserted that Bitcoin is unlikely to dip below $30,000, a scenario he deemed unprecedented.
“Bitcoin shall never, ever, in the history of humanity’s kind trade below $30k. Think of the bottom of the correction, maximum pain point in-between this price range. Can be the low of the range just as it can be the high or the middle,” Santana emphasized.
The expert speculated that the correction’s nadir could fall anywhere within the specified range—be it at the lower boundary, upper echelon, or midpoint. Despite ongoing consolidation, Bitcoin faces mounting pressure to sustain its position above the critical $60,000 support level. Concurrently, the Bitcoin network is witnessing a resurgence in retail investor interest, evident from a surge in new BTC addresses.
According to data shared by crypto analyst Ali Martinez on June 29, the tally of new Bitcoin addresses surged to 352,124, marking its highest level since April.
This resurgence in retail investor participation may signify renewed confidence in Bitcoin’s potential, despite recent price adjustments.
At the time of writing, Bitcoin traded at $61,470, showing a daily uptick of nearly 1%. On a weekly basis, Bitcoin has decreased by over 4%.
Technical analysis for Bitcoin over a one-day period presents mixed signals. Oscillators are predominantly neutral, with nine indicating neutrality, one suggesting a sell, and one recommending a buy. Moving averages lean towards a strong sell, with 11 sell signals, one neutral, and three buy indicators. Overall, the summary advises a cautious stance, with 12 sell, 10 neutral, and four buy signals.
Meanwhile, having reclaimed the $61,000 level, Bitcoin must consolidate above this mark to stave off further corrections.
Disclaimer: The content presented herein does not constitute investment advice. Investing in cryptocurrencies carries inherent risks, and investors should exercise caution and conduct their own research.
