Bitcoin price chart is still bearish, warns analyst

Bitcoin (BTC) sentiment turned slightly bullish after a recent correction, testing the $60,000 psychological resistance. However, an analyst weighed in, warning that Bitcoin’s price chart “is bearish and says down” while explaining he is short.

The short-seller is Alan Santana, a prominent cryptocurrency technical analyst who shared this idea on TradingView on September 11. Santana has updated his trading status, with the last update on Saturday, September 14, doubling down on the bearish bias.

“Last time, the majority of the people were wrong. They believed Bitcoin was going up while very strong and clear signals were pointing to the contrary. The market did not move to make those inexperienced traders happy, instead it moved according to the chart. Now, here I am not sharing my opinion or personal conviction, I am reading the chart. The chart is bearish and says down.”

– Alan Santana

As disclosed, the trader opened shorts at $56,000, $58,000, and $60,000, positioning a stop-loss at $66,000. His targets start at $53,500 and go as low as $39,000 – where Santana believes the maximum profit is.

Not everyone is bearish: What do other Bitcoin analysts say?

Alan Santana is not the only bearish Bitcoin analyst publicly shorting BTC and warning of further downside potential. For example, Finbold reported on Xanrox’s controversial warning of a Bitcoin “huge bear market” starting based on a political perception.

However, most technical analyses we covered have shown a strong bullish bias for the long term despite some short-term downtrends.

Credible Crypto is one of them, who celebrated Bitcoin reaching his “downside target;” now ready for a “full bull gear.” Notably, OpenAI’s most advanced artificial intelligence, o1, agrees with the bullish case, calling for a $90,000 per BTC by the end of 2024 – a price prediction Cryptorphic also shares, eyeing the $93,000 level, as published.

Overall, the controversial stances are healthy and directly result from an unpredictable and highly volatile market. Bull and bears will continue to disagree and position accordingly, while Bitcoin can go both up and down, rewarding a few and punishing others.

As Alan Santana said in this most recent bearish analysis, “Leveraged trading is only for adults.” He acknowledged that he could be wrong with his analysis, demonstrating the need for a stop-loss strategy.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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