Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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.\u00a0 Bitcoin Price Could Crash To $35,720 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.\u00a0 Related Reading: Dogecoin Flashes Sell Signal After 30% Rally \u2013 Time To Sell? 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.\u00a0 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\u2019s price will drop by almost half, triggering panic and fear amongst retail and whale investors. Contrary to Santana\u2019s 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.\u00a0\u00a0 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\u2019s 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.\u00a0 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\u2019s price can be artificially manipulated by large holders or so-called Whales.\u00a0 Related Reading: FLOKI Breaks Out Of Downtrend: Analyst Predicts 200% Rally To New All-Time High 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.\u00a0 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.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":521714,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-649066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n
Bitcoin Price Headed For $35,720? Why Muted Volume Could Trigger Major Crash<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n