As a seasoned analyst with over two decades of experience in various financial markets, I find Santana’s analysis intriguing yet cautiously optimistic. Having witnessed numerous market cycles and observed the ebb and flow of investor sentiment, I can attest to the fact that bearish predictions often carry weight, but they are not always accurate or self-fulfilling prophecies.
According to cryptocurrency expert Alan Santana on TradingView, there’s a possibility that Bitcoin‘s price might plummet towards approximately $35,720 due to reduced purchasing activity. Santana indicates a negative market trend, suggesting possible manipulation by large-scale investors known as whales.
Bitcoin Price Could Crash To $35,720
As per Santana’s analysis, Bitcoin has experienced 75 days of upward momentum, yet it hasn’t attained the predicted higher prices, currently trading under a resistance level slightly below $70,000. Although Bitcoin did achieve its record high in March, soaring beyond $73,000, Santana suggests that the overall market sentiment has leaned towards bearishness.
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 similarly stated that the present Bitcoin price movement indicates a absence of bullish thrust. He pointed out subdued whale activity as the cause, emphasizing that at this market level, there are no active buyers or trading volume.
Given the current bearish market trends, Santana forecasts that Bitcoin might plummet to around $35,720 – a dramatic 46.68% decrease which could lead to new lows. Essentially, this implies that Bitcoin’s value would nearly halve, potentially causing widespread panic and fear among both retail and large-scale (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.
As a crypto investor, I’ve found myself at odds with Santana’s persistent bearish stance on Bitcoin. His arguments revolving around limited buying power have been met with strong criticism from the crypto community. One member, in particular, pointed out potential flaws in his analysis. Others have gone as far as accusing Santana of trying to sway investors by utilizing a Bitcoin chart from Blofin, an exchange known for lower transaction activity, which may not accurately represent the broader market.
Bitcoin Market Manipulation And Bears
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.
Santana mentioned that some people claim whales (significant Bitcoin holders) might attempt to drive up Bitcoin prices. This action is based on the expectation that less experienced investors will jump into the market and purchase Bitcoin, which could in turn cause a surge in price, or a bull run. However, if there are no genuine buyers of Bitcoin, this manipulation could have unintended consequences, potentially resulting in losses for those attempting to artificially manipulate the market.
Santana stated that retail investors have become wiser, no longer falling for the trick of buying Bitcoin at its peak due to past experiences with manipulation and hype. Additionally, he mentioned that these investors are less influenced by overly optimistic forecasts from analysts suggesting potential future gains as high as $3,000,000 for Bitcoin.
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2024-10-22 03:04