Bitcoin (BTC) sentiment has turned slightly bullish after a recent correction, testing the psychological resistance of $60,000. However, an analyst has chimed in, warning that the Bitcoin price chart is “bearish and pointing to a drop,” and explaining that he is short.
The short seller is Alan Santana, a well-known cryptocurrency technical analyst who shared the idea on TradeView September 11th Santana updated his trading status, last updating it on Saturday, September 14th, further underscoring his bearish sentiment.
“Last time most people were wrong. They thought Bitcoin was going up, even though there were very strong and clear signals that it was not. The market did not move to please these inexperienced traders, instead it moved according to the chart. Now I do not share my opinion or personal conviction, I read the chart. The chart is bearish and points to a fall.”
– Alan Santana
The trader reportedly opened short positions at $56,000, $58,000 and $60,000, placing a stop-loss at $66,000. His targets start at $53,500 and go up to $39,000, where Santana believes the maximum profit lies.
Not Everyone Is Bearish: What Are Other Bitcoin Analysts Saying?
Alan Santana is not the only bearish Bitcoin analyst publicly shorting BTC and warning of further downside potential. For example, Finbold reported Xanrox’controversial warning of a “massive bear market” in Bitcoin, based on political perception.
However, most of the technical analyses we have looked at show a strong bullish bias in the long term, despite some short-term downtrends.
Reliable cryptocurrency one of them, who celebrated Bitcoin reaching its “bottom target”; now it is ready for a “full bull run.” Notably, OpenAI’s most advanced artificial intelligence, o1, agrees with the bullish forecast, predicting that the BTC price will reach $90,000 per Bitcoin by the end of 2024 — Price Prediction Crypto-Physical also shares, targeting the published level of $93,000.
Overall, the contentious positions are healthy and flow directly from an unpredictable and highly volatile market. Bulls and bears will continue to disagree and take positions accordingly, while Bitcoin may rise and fall, rewarding some and punishing others.
As Alan Santana said in his latest bearish analysis, “Leveraged trading is for adults only.” He admitted that he could have been wrong in his analysis, demonstrating the need for a stop-loss strategy.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
