Alan Santana, a crypto analyst on TradingView, has predicted that the Bitcoin price could potentially experience a drastic decline to new lows around $35,720, driven by muted buying volume. The analyst has declared that the current state of the market is bearish, highlighting potential manipulation from whale investors.
According to Santana, Bitcoin has witnessed 75 days of bullish activity but has not reached projected new price peaks, currently trading within a lower high below $70,000. While the cryptocurrency did hit an All-Time High (ATH) in March, surging past $73,000, Santana has concluded that the general market has become relatively bearish.
He disclosed that most of the Bitcoin price action between August 5 and to present day is forming part of an inverted correction, which suggests that prices have been rising but without reaching new peaks.
Santana also declared that the current Bitcoin price action confirms that there is no bullish momentum. He attributed this lack of momentum to muted whale activities, highlighting that there are currently no buyers or buying volume at the current market level.
Due to these bearish conditions, Santana has predicted that Bitcoin could end up crashing to $35,720, representing a massive 46.68% decrease to new lows. This also means that Bitcoin’s price will drop by almost half, triggering panic and fear amongst retail and whale investors.
Contrary to Santana’s bearish analysis, the price of Bitcoin is up by 5.56% and trading at $68,203, according to CoinMarketCap. The cryptocurrency is gradually increasing to reach the $70,000 mark, driven by positive changes in market sentiment and the historically bullish Q4.
Although Santana has stayed firm in his bearish predictions of Bitcoin due to limited buying power, the analyst has also received severe backlash from various crypto community members. One member criticized Santana’s bearish Bitcoin prediction, suggesting that there were flaws in his analysis. Others accused the analyst of attempting to manipulate investors by using a Bitcoin chart from a Blofin exchange, which typically has lower transaction activity.
Despite the heat from crypto members, Santana believes that market manipulation has led to the current bearish price action in Bitcoin. The analyst highlights that Bitcoin’s price can be artificially manipulated by large holders or so-called Whales.
He stated that these whales can push the price of Bitcoin up hoping that retail investors will dive into the market and buy, ultimately triggering a bullish wave. According to Santana, if there are no genuine Bitcoin buyers, the alleged manipulation could backfire, possibly leading to losses for said market manipulators.
Santana has revealed that retail investors are no longer easily fooled into buying Bitcoin at the top, showing more caution due to previous cycles of manipulation and hype. He also disclosed that buyers are not swayed by exaggerated predictions of substantial future gains by analysts, claiming that Bitcoin could reach $3,000,000.
[#item_full_content]NewsBTCRead MoreBitcoin price extended gains above the $69,200 resistance zone. BTC is now correcting gains and…
Bitcoin could be on the verge of a major new bull run. According to Tuur…
More crypto ETFs might not ever be approved if Kamala Harris wins the presidential election.Read…
Post ContentRead MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
On-chain data shows the Bitcoin miners have been making an unusually high number of transactions…
Follow Frank on X. Last week, Ulrich Bindseil and Jürgen Schaaf of the European Central…