Alan Santana, a cryptocurrency analyst on TradingView, has predicted that the Bitcoin price is likely to plummet to a new low of around $35,720, due to a sharp decline in buying volume. The analyst stated that the current state of the market is pessimistic, highlighting the possibility of manipulation from whale investors.
Bitcoin Price Could Drop to $35,720
According to Santana, Bitcoin has seen 75 days of bullish activity but has yet to reach its expected new peak price, currently trading in lower highs below $70,000. Although the cryptocurrency hit an All-Time High (ATH) in March, soaring past $73,000, Santana concluded that the overall market has become relatively bearish.
He revealed that most of the Bitcoin price action since August 5 has been part of a reversal correction, which saw the price rise but fail to reach a new high.
Santana also stated that the current Bitcoin price action confirms that there is no bullish momentum. He attributed this lack of momentum to limited whale activity, emphasizing that there are currently no buyers or buying volume at current market levels.
Due to these pessimistic conditions, Santana predicted that Bitcoin would likely crash to $35,720, representing a massive 46.68% drop to a new low. This would also mean that the price of Bitcoin would drop by almost half, causing panic and fear among retail investors and whales.
Contrary to Santana's bearish analysis, Bitcoin's price rose 5.56% to trade at $68,203, according to CoinMarketCap. The cryptocurrency is slowly climbing toward the $70,000 mark, fueled by positive changes in market sentiment and a historically bullish fourth quarter.
While Santana has remained steadfast in his bearish Bitcoin prediction due to limited buying power, the analyst has also received backlash from many members of the crypto community. One member criticized Santana's bearish Bitcoin prediction, claiming that his analysis was flawed. Others accused the analyst of trying to manipulate investors by using Bitcoin charts from the Blofin exchange, which typically has lower trading activity.
Bitcoin and Bear Market Manipulation
Despite the protests from crypto enthusiasts, Santana believes that market manipulation has led to Bitcoin's current bearish price action. The analyst stressed that Bitcoin's price could be artificially manipulated by large holders, or so-called Whales.
He claims that these whales could be pushing up the price of Bitcoin in the hopes that retail investors will rush into the market and buy, eventually triggering a bullish wave. According to Santana, without real Bitcoin buyers, the alleged manipulation could backfire, potentially resulting in losses for the aforementioned market manipulators.
Santana revealed that retail investors are no longer easily fooled into buying Bitcoin at its peak, showing more caution due to previous cycles of manipulation and hype. He also revealed that buyers are not swayed by exaggerated predictions of significant future gains from analysts, claiming that Bitcoin could reach $3,000,000.
