Analyst predicts Bitcoin is due for another big drop (Capitulation event) in 1-2 months before resuming the bull run.

Hello, community.

I recently found these posts on Trading View by analyst Alan Santana. Herr is the link for all those interested in his detailed explanation of what's to come in the coming months: https://www.tradingview.com/chart/BTCUSD/NCok1YaL-Bitcoin-Capitulation-2024-Altcoins-Interaction-Action-React/

To sum up, Bitcoin's 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.

A key component of Santana’s analysis is the Exponential Moving Average (EMA) at 144 periods (EMA144). Historically, This technical indicator has been a pivotal support and resistance level for Bitcoin. Coming from a high in 2022, Bitcoin met EMA144, which failed to hold as a support level.

After the descent, EMA144 turned into a resistance point. In 2023, Bitcoin broke through EMA144, hovering around this level for several months before decisively moving past it. As Bitcoin hit a new all-time high in March 2024, it moved far above EMA144. Now descending, EMA144 is expected to act as support again.

Santana noted that for Bitcoin to embark on a new bullish wave, the maiden crypto must retest EMA144 as a support level. This retesting phase is crucial: if EMA144 holds, Bitcoin could reverse its course and resume growth. However, if it fails, the cryptocurrency may need to seek lower support levels before any potential recovery.

Santana’s analysis highlights the critical importance of this phase, projecting a minimum price of $40,000 for Bitcoin in the coming weeks.

I would like to hear your opinions on this. Thank you!