Bitcoin value chart remains to be bearish, warns analyst
Bitcoin (BTC) sentiment turned barely bullish after a latest correction, testing the $60,000 psychological resistance. Nevertheless, an analyst weighed in, warning that Bitcoin’s value chart “is bearish and says down” whereas explaining he’s quick.
The short-seller is Alan Santana, a distinguished 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.
“Last time, the majority of the people were wrong. They believed Bitcoin was going up while very strong and clear signals were pointing to the contrary. The market did not move to make those inexperienced traders happy, instead it moved according to the chart. Now, here I am not sharing my opinion or personal conviction, I am reading 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 shouldn’t be 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 “huge bear market” beginning based mostly on a political notion.
Nevertheless, most technical analyses we lined have proven a robust bullish bias for the long run regardless of some short-term downtrends.
Credible Crypto is one in all them, who celebrated Bitcoin reaching his “downside target;” 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 revealed.
Total, the controversial stances are wholesome and instantly consequence from an unpredictable and extremely risky market. Bull and bears will proceed to disagree and place accordingly, whereas Bitcoin can go each up and down, rewarding a couple of and punishing others.
As Alan Santana mentioned on this most up-to-date bearish evaluation, “Leveraged trading is only for adults.” He acknowledged that he might be incorrect together with his evaluation, demonstrating the necessity for a stop-loss technique.
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