Bitcoin (BTC) sentiment turned barely bullish after a current correction, testing the $60,000 psychological resistance. Nonetheless, an analyst weighed in, warning that Bitcoin’s value chart “is bearish and says down” whereas explaining he’s brief.
The short-seller is Alan Santana, a outstanding cryptocurrency technical analyst who shared this concept on TradingView on September 11. Santana has up to date his buying and selling standing, with the final replace on Saturday, September 14, doubling down on the bearish bias.
“Final time, nearly all of the individuals had been fallacious. They believed Bitcoin was going up whereas very sturdy and clear alerts had been pointing on the contrary. The market didn’t transfer to make these inexperienced merchants blissful, as an alternative it moved in line with the chart. Now, right here I’m not sharing my opinion or private conviction, I’m studying the chart. The chart is bearish and says down.”
– Alan Santana
As disclosed, the dealer opened shorts at $56,000, $58,000, and $60,000, positioning a stop-loss at $66,000. His targets begin at $53,500 and go as little as $39,000 – the place Santana believes the utmost revenue is.
Not everyone seems to be bearish: What do different Bitcoin analysts say?
Alan Santana isn’t the one bearish Bitcoin analyst publicly shorting BTC and warning of additional draw back potential. For instance, Finbold reported on Xanrox’s controversial warning of a Bitcoin “enormous bear market” beginning primarily based on a political notion.
Nonetheless, most technical analyses we lined have proven a robust bullish bias for the long run regardless of some short-term downtrends.
Credible Crypto is certainly one of them, who celebrated Bitcoin reaching his “draw back goal;” now prepared for a “full bull gear.” Notably, OpenAI’s most superior synthetic intelligence, o1, agrees with the bullish case, calling for a $90,000 per BTC by the tip of 2024 – a value prediction Cryptorphic additionally shares, eyeing the $93,000 degree, as printed.
Total, the controversial stances are wholesome and straight end result from an unpredictable and extremely unstable market. Bull and bears will proceed to disagree and place accordingly, whereas Bitcoin can go each up and down, rewarding just a few and punishing others.
As Alan Santana mentioned on this most up-to-date bearish evaluation, “Leveraged buying and selling is just for adults.” He acknowledged that he may very well be fallacious along with his evaluation, demonstrating the necessity for a stop-loss technique.
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