CandleFocus Expert warns Bitcoin is in a 'bull trap,' sets next BTC price low target
2024-10-16
Author: Content Editor
A cryptocurrency trading expert, Alan Santana, warns investors to be cautious as Bitcoin tries to break through the $70,000 resistance. Santana believes that the recent bullish momentum is actually a bull trap, indicating an inverted correction. He points out that Bitcoin's current market structure shows lower highs and lower lows, which is a sign of weakness. Santana suggests that Bitcoin could experience a significant drop, potentially revisiting price lows of $39,000 or lower. Economist and Bitcoin critic Peter Schiff also supports this bearish outlook. However, some analysts believe that the current price movement could be the start of an "Uptober" rally, with a possible target of $88,000. Despite differing opinions, the long-term outlook for Bitcoin remains bullish, with some analysts predicting it to reach $150,000 by the end of the year. At present, Bitcoin is trading above its moving averages and shows strong upward momentum, although a short-term pullback is possible.
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