The crypto market has continued to bleed, with Bitcoin dipping and breaking below key supports. This is the time when many bold investors are trying to buy the dip. But the question remains when is the right time to buy Bitcoin again.
Crypto analyst Alan Santana has delved into this topic to share his analysis of Bitcoin’s current situation and when it would potentially be the right time to buy BTC.
What you'll learn 👉
Understanding Bitcoin’s current market phase
In his latest analysis, Santana shares the importance of understanding market phases before making any investment decisions. He has shared two key phases in Bitcoin’s price action.
The first one is the distribution phase. This phase happens after a new all-time high and usually leads to lower prices.
Santana highlighted that Bitcoin has been in a distribution phase for the past three months.
The next one is the accumulation phase. This phase follows a major low and generally precedes higher prices. It involves a new consolidation pattern forming at support levels.
Santana stated that Bitcoin is currently in the distribution phase. He confirms this, showing the breakdown of a long-term consolidation pattern.
Surviving the current bearish wave
Santana stated that Bitcoin is moving lower within a bearish wave. He stated that, while the downward movement is clear, the exact bottom remains unclear.
He also noted that market whales and trading algorithms adapt in real-time to market sentiment and analysis.
Santana asks investors to watch for multiple signals from the chart that will confirm when the low or bottom is established.
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Show more +The analyst spoke about a scenario where the bottom might only be available for a few hours. He also stated that this could be followed by a “higher low retest.”
In this case, he projects that the next wave could push Bitcoin beyond $150,000. He also thinks it could reach $186,000 or even surpass $200,000.
Santana stated that patience is the key and asked to wait for a market crash before anticipating bullish growth.
Read more: Second-largest Bitcoin (BTC) Price Collapse in History Just Happened, But…
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