Justin Sun said he did not go long on Bitcoin at $69,000.
The Tron founder reaffirmed his confidence in Bitcoin despite not being bullish.
Bitcoin formed an M-Top on the weekly chart amid increasing bearish momentum.
Tron founder Justin Sun clarified that he did not go long on Bitcoin after it broke the previous All-Time High (ATH) of around $69,000. In a recent post on X, Sun stated that despite not going long, he remains optimistic about Bitcoin’s development and confident about its future.
I am very optimistic about the development of Bitcoin and have great confidence in its future. However, I would like to clarify that I did not go long on Bitcoin at the $69,000 price level.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 12, 2024
Sun’s comments on Bitcoin followed the pioneer crypto’s failure to sustain bullish momentum after rebounding from the $53,550 support. BTC gained 11% from the recent low, reaching a local high of $59,516 before succumbing to bearish pressure and falling below the 0.236 Fibonacci level on the daily chart.
Notably, Bitcoin’s recent price action has caused several users to reconsider the sustainability of the bullish momentum from the post-ETF rally that saw BTC reach a new ATH. With the recent pullback, the topmost cryptocurrency formed an M-Top chart pattern on the weekly chart and currently faces resistance around the neck of the pattern.
BTCUSD Weekly Chart on TradingView
The formation of the M-Top pattern on a higher timeframe has led many users to consider a more bearish sentiment for Bitcoin. Some analysts predict BTC could drop to the $49,000 region, potentially reaching $38,000 if the bearish pressure continues.
However, it is important to note that Bitcoin currently retains a 36.4% profit margin for 2024 at the time of writing, considering its opening price for the year. The flagship crypto opened trading on January 1 at $42,258, surging to a new ATH of $73,794 in the middle of March before retracing 27.5%.
Bitcoin traded for $57,228 at the time of writing, according to data from TradingView, as the battle between the bulls and the bears continues.
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