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Bitcoin Price Controversy: Is BTC Heading Lower or On the Verge of a Surge?
September 15, 2024 8:30 1 min. readWe may earn commissions from affiliate links or include sponsored content, clearly labeled as such. These partnerships do not influence our editorial independence or the accuracy of our reporting. By continuing to use the site you agree to our terms and conditions and privacy policy.
Bitcoin sentiment has shifted slightly towards the positive after a recent dip, with the cryptocurrency testing the $60,000 mark. Despite this, technical analyst Alan Santana has voiced a bearish outlook, suggesting that Bitcoin’s price chart indicates a downward trend.
Santana, known for his technical analysis on TradingView, reiterated his short position in a September 14 update, emphasizing his belief that the market will decline based on current chart patterns.
Santana’s analysis highlights a history of market misjudgment, where widespread optimism did not align with technical indicators. He has opened short positions at $56,000, $58,000, and $60,000, setting a stop-loss at $66,000 and targeting a drop to as low as $39,000 for maximum profit.
While Santana maintains a bearish stance, other analysts present a more optimistic view for Bitcoin’s long-term prospects. For instance, Credible Crypto has noted a bullish trend and is preparing for a significant upward movement. Similarly, AI predictions suggest Bitcoin could reach $90,000 by the end of 2024, a forecast also supported by Cryptorphic, which anticipates a price of $93,000.
The market remains volatile with contrasting opinions, reflecting its unpredictable nature. As Santana cautions, leveraged trading carries risks and requires careful strategy, underscoring the necessity for stop-loss measures in uncertain conditions.
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