Alan Santana, crypto analyst at TradingView, predicted that the price of Bitcoin could potentially undergo a drastic decline to new lows around US$35,720, driven by low purchasing volume. The analyst declared that the current state of the market is bearish, highlighting potential manipulation by whale investors.
Bitcoin Price Could Fall to $35,720
According to Santana, Bitcoin witnessed 75 days of bullish activity but has not reached projected new price peaks, currently trading at a lower high below $70,000. Although the cryptocurrency reached an all-time high (ATH) in March, surpassing $73,000, Santana concluded that the overall value the market has become relatively bearish.
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He revealed that most Bitcoin Price Action Between August 5th and until today, an inverse correction has been taking place, which suggests that prices have been rising, but without reaching new peaks.
Santana also stated that Bitcoin’s current price action confirms that there is no bullish momentum. He attributed this lack of momentum to silence whale activitieshighlighting that there are currently no buyers or purchasing volume at the current market level.
Due to these bearish conditions, Santana predicted that Bitcoin could end up crashing to $35,720, representing a massive 46.68% drop to new lows. This also means that the price of Bitcoin will fall by almost half, triggering panic and fear among retail and whale investors.
Contrary to Santana’s pessimistic analysis, the price of Bitcoin is up 5.56% and is trading at $68,203, according to CoinMarketCap. The cryptocurrency is gradually rising to reach the $70,000 mark, driven by positive changes in market sentiment and the historically optimistic in the fourth quarter.
Although Santana remained steadfast in his bearish Bitcoin predictions Due to limited purchasing power, the analyst also received strong backlash from several members of the crypto community. One member criticized Santana’s bearish Bitcoin prediction, suggesting there were flaws in his analysis. Others accused the analyst of trying to manipulate investors using a Bitcoin chart from a Blofin exchange, which typically has lower transaction activity.
Bitcoin market manipulation and bears
Despite pressure from crypto insiders, Santana believes that market manipulation led to the current bearish price action in Bitcoin. The analyst highlights that the price of Bitcoin can be artificially manipulated by large holders or so-called Whales.
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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 is no Bitcoin Buyersthe alleged manipulation could backfire, possibly leading to losses for said market manipulators.
Santana 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 revealed that buyers are not swayed by exaggerated forecasts of substantial future earnings by analysts claiming that Bitcoin could reach $3,000,000.
Featured image created with Dall.E, chart from Tradingview.com