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bitcoin-crash-54500-headed/” rel=”nofollow”>Cryptocurrency analyst Ali Martinez has revealed the bearish sentiment among Binance's top traders towards bitcoin. This development suggests that the flagship cryptocurrency could soon experience bitcoin/” rel=”nofollow”>Significant downward pressure.
Top Binance traders are shorting btc
Martinez reveals himself in an x (formerly twitter) x.com/ali_charts/status/1835347206070542355″ rel=”nofollow”>mail that 51.41% of the best traders in Binance are shorting bitcoin. This indicates that these traders expect the flagship cryptocurrency to experience a price drop despite its bitcoin-price-continues-recovery-breaks-above-60000/” rel=”nofollow”>Recent recovery above $60,000In fact, btc started this week with a price correction, falling to $58,000.
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This bearish outlook for bitcoin suggests that the surge to $60,000 was a relief bounce rather than a bullish reversal. In a recent analysis, bitcoin-miners-dump-1-71-billion/” rel=”nofollow”>Martinez He also revealed that the flagship cryptocurrency was still in a downtrend. He alluded to bitcoin’s market cap momentum to realized value (MVRV), which he said shows that the flagship cryptocurrency has been in a downtrend since it fell below $66,750 in June. He added that the trend has not changed yet.
With bitcoin still in a downtrend, the cryptocurrency is at risk of further declines. Martinez highlighted the bitcoin-plunges-58000-coinbase-users-take-selling/” rel=”nofollow”>Price level of $58,100 As a crucial point, he noted that a break below could lead to a drop towards $55,000. On the other hand, he claimed that bitcoin could bounce towards the mid-to-upper levels at $60,200 or $62,000 if it holds the lower boundary of the parallel channel.
Meanwhile, cryptocurrency analyst Jelle Recently Featured $65,000 is the price level bitcoin needs to reclaim to enjoy a bullish reversal. However, reaching that price level is difficult for now, especially with the uncertainty surrounding the bitcoin-price-drops-with-fed-rate-cuts-on-the-horizon-calm-before-the-storm/” rel=”nofollow”>Rate cuts looming and the US presidential election. bitcoin bulls appear to be waiting to see how the market reacts to the Federal Reserve's interest rate decision due to be announced on September 18.
It is also worth mentioning that September is historically a bearish month for bitcoin. This is not expected to be any different as investors are hoping that October will be the month they will get back into the market.
bitcoin price could fall to $15,000
bitcoin/” rel=”nofollow”>Renowned economist Peter Schiff has warned that bitcoin could still fall to $15,000. He highlighted what he believes is a triple top on the bitcoin chart. The expert added that the chart is worse if the flagship cryptocurrency is priced in gold. At the very least, the economist expects btc to fall to the uptrend line. bitcoin-crashes-btc-may-plunge-to-40000/” rel=”nofollow”>for about $42,000but he doubts that he will maintain that line of support.
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As such, he predicts that bitcoin will retest long-term support. bitcoin-price-reach-200000/” rel=”nofollow”>Between $15,000 and $20,000While it remains to be seen if that happens, Schiff is known to be a bitcoin bear and has bitcoin-etfs-investment-is-the-wrong-choice/” rel=”nofollow”>consistently defended for gold over the flagship cryptocurrency.
At the time of writing, bitcoin is trading around $58,200, down over the past 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
