Crypto analyst Ali Martinez Binance has exposed the negative sentiment of Binance’s traders toward Bitcoin. This suggests that the main crypto could soon be experiencing significant downward pressure.
Binance’s Top traders are shorting BTC
Martinez revealed by X post The top 51.41% traders are based on Binance Shorting Bitcoin is a common practice. These traders are expecting the price of Bitcoin to fall despite its current high. recent recovery above $60,000. BTC began this week by announcing a drop in price to $58,000.
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According to this bearish forecast for Bitcoin, the increase in value from $60,000 is more likely a temporary relief rally than a bullish turn. According to a recent study, Martinez Also revealed was that flagship cryptocurrency is still on a downward trend. The Bitcoin MVRV (Market Value to Realized Value) is a measure of the Bitcoin’s downtrend. The trend, he said, hasn’t changed yet.
Bitcoin is still on a downward trend, and the cryptocurrency risks further losses. Martinez highlighted that the crypto risks further declines. $58,100 price level A break below the line could result in a decline towards $55,000. He also said Bitcoin can rebound up to $60,200 and $62,000 levels if the channel’s lower limit is held.
Crypto analyst Jelle recently highlighted Bitcoin’s price must reach $65,000 to see a positive reversal. Achieving that level of price is not easy, particularly with the uncertainty surrounding the imminent rate cuts Elections in the US. Bitcoin bulls will wait to see the market’s reaction to the Fed rate decision, which is expected to be made on September 18, before they make their move.
Also, it is worth noting that historically September has been a month of bearish price movements for Bitcoin. It is expected that this will not change as investors are looking to October to get back into the market.
The price of Bitcoin could drop to as low as $15,000
Renowned economist Peter Schiff Bitcoin may still fall to $15,000, according to a recent warning. The expert emphasized what he considers to be the triple top in Bitcoin’s chart. Expert added that the chart would be worse if flagship cryptocurrency was priced in gold. The economist believes that BTC will at least drop below the trendline. at about $42,000He doubts that it will maintain this support line.
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Accordingly, he believes that Bitcoin is likely to test its longer-term supports. between $15,000 and $20,000. Schiff has been known as a Bitcoin Bear and has consistently advocated Gold is the preferred crypto.
Bitcoin was trading for around $58,200 at the time of this writing. It has fallen in value over the last 24-hours. data CoinMarketCap.
Featured image was created with Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com
