[Short-sellers say Bitcoin’s “huge bear market has begun”]
Cryptocurrency market sentiment is volatile, with Bitcoin (BTC) short traders believing a "massive bear market" is coming. Trader Xanrox warned on TradingView that Bitcoin could face a 50% plunge, arguing that the recent price rise is a good opportunity to go short. He mentioned "false bull flag" chart patterns and believed the market was being manipulated by a so-called "cabal."
Xanrox predicts that interest rate cuts at the Federal Reserve’s September 18 meeting will have a negative impact on the crypto market, contrary to what other analysts believe. Grayscale researcher Zach Pandall said that interest rate cuts will help Bitcoin, and it is expected that the Federal Reserve may cut interest rates by 25 basis points.
Bitcoin is currently trading around $56,683, with other analysts such as CrypNuevo and Credible Crypto believing the worst is over for the market. Although there are different opinions, BTC investors should do their own research and make decisions based on various signals. Investing in cryptocurrencies is challenging and requires caution.
