Crypto analyst Alan Santana, as per his analysis on TradingView, has forecasted a potential significant drop in Bitcoin’s price to $35,720, influenced by subdued buying activity. Santana suggests a bearish market scenario with potential manipulation from whale investors.
Bitcoin’s Price Prediction: Potential Crash to $35,720
Santana notes that despite 75 days of bullish trends, Bitcoin has failed to reach anticipated higher price points, trading below $70,000. While hitting an All-Time High in March above $73,000, Santana deems the overall market sentiment bearish.
Related Article: Bitcoin’s Recent Price Action
The price movements of Bitcoin from August 5 onwards have been identified by Santana as an inverted correction, signaling a rise without reaching new peaks.
Santana emphasizes the absence of bullish momentum in the current Bitcoin price action due to subdued whale activity, indicating a lack of buying interest at current levels.
Considering these bearish trends, Santana’s forecast suggests a potential crash of Bitcoin’s price to $35,720, a significant 46.68% decline to new lows, potentially causing concern among investors.
In contrast to Santana’s viewpoint, Bitcoin’s price currently reflects a 5.56% increase, trading at $68,203. Positive market sentiment and historically bullish trends are propelling Bitcoin towards the $70,000 mark.
Despite Santana’s pessimistic outlook, Bitcoin’s upward trajectory challenges his analysis, sparking debates within the crypto community.
Bitcoin Market Manipulation and Bearish Sentiment
Santana attributes the current bearish price action in Bitcoin to potential market manipulation by whales, influencing price movements for their benefit.
Related Article: Bitcoin’s Price Manipulation
Large holders can manipulate Bitcoin’s price dynamics to induce retail investors to participate, triggering bullish behavior. Santana warns about potential repercussions if genuine buyers fail to materialize, resulting in losses for manipulators.
Retail investors’ cautious approach towards exaggerated predictions and manipulation tactics has led to a more discerning market environment, avoiding impulsive decisions based on inflated forecasts.
Featured image created with Dall.E, chart from Tradingview.com
Key Takeaways:
- Bitcoin’s price could potentially drop to $35,720 as predicted by analyst Alan Santana amidst bearish market sentiments.
- Whale manipulation and subdued buying activity are cited as key factors influencing Bitcoin’s current price dynamics.
- Retail investors are exhibiting caution in response to potential market manipulation and unrealistic price forecasts.
For more insights and updates, continue following the latest developments in the cryptocurrency market.
