When will Bitcoin hit the next major low before the buy opportunity emerges

The market’s hope for a potential Bitcoin (
BTC
) recovery appears to have been subdued as indicators point towards further decline in the coming days.
In a post on
TradingView
on June 23,
trading expert
Alan Santana predicted that there would be a ‘major low’ for Bitcoin before any chance of a rebound.
Santana based his speculation on historical patterns, noting that it took exactly 48 days for
Bitcoin
to establish a major low after reaching an all-time high. Using this pattern, he projected two potential dates for the next low: July 8, 2024, and July 25, 2024.
The expert leaned towards July 8 as the ideal date, considering when Bitcoin printed its latest lower high. He used
TradingView’s
index to support this projection, indicating that the bounce after the May 1 low ended on May 21, leading to the July 8 projection. If the last high is considered to be set on June 7, 2024, the date shifts to July 25, 2024.
Santana also warned of a potential major crash, noting that everything closed extremely
bearish
on the side of the conventional market, including
stocks
and
gold
. However, he also mentioned that once the low is in,
investors
should expect a major buying opportunity.
He also considered the psychological barrier that some investors face with Bitcoin’s high prices, which may impact market behavior. Santana emphasized the importance of human psychology and market participants’ perceptions in predicting market trends.
At the time of reporting, Bitcoin was at $64,148, with weekly losses of almost 4% after losing the $66,000 mark earlier in the week.
Overall, Bitcoin’s key
resistance
is between $66,000 and $66,600, with significant
support
around $64,000 to $64,500, where the asset has found some stability. These levels remain the focus moving into the new week.