Bitcoin sentiment has slightly turned bullish following a recent correction, with the price testing the $60,000 psychological resistance. However, an analyst has expressed bearish views on Bitcoin’s price chart and is short on the cryptocurrency.
The analyst, Alan Santana, who is a well-known cryptocurrency technical analyst, shared his trading idea on TradingView on September 11. Santana remains bearish on Bitcoin, opening short positions at $56,000, $58,000, and $60,000, with a stop-loss set at $66,000. He targets prices starting at $53,500 and potentially going down to $39,000 for maximum profit.
Santana emphasized the importance of reading the chart rather than relying solely on personal opinions or convictions. He highlighted that despite differing views in the market, traders need to have a strategic approach to leverage trading, acknowledging the risks involved.
While Santana and some analysts predict further downside potential for Bitcoin, others hold a strong bullish bias for the long term. Credible Crypto and OpenAI’s advanced AI, o1, are among those who foresee positive price movements for Bitcoin, with price targets ranging from $90,000 to $93,000 by the end of 2024.
Diverse opinions in the market reflect the unpredictable nature of Bitcoin’s highly volatile market, with traders taking positions based on their analysis. Ultimately, the market rewards some and penalizes others, underscoring the need for caution and risk management in trading decisions.
It is essential to note that investing in cryptocurrencies carries inherent risks, and individuals should exercise caution and conduct thorough research before making investment decisions.