Bitcoin's sentiment has turned bearish as analysts predict a potential crash, with some eyeing sub-$50,000 price targets. The cryptocurrency has shown weakness at resistance and may be forming another lower high, indicating a continued downtrend. Analysts have warned of a crash down to $40,000, with the next target potentially being $40,000 to $43,000. The September Effect, where Bitcoin historically sees monthly average losses in September, has contributed to the bearish sentiment. Long positions dominate open interest, raising concerns about a long squeeze. Dormant Bitcoin whales moving significant amounts of BTC are also seen as a bearish signal. Traders are advised to remain cautious due to the volatile nature of the cryptocurrency market.
- Content Editor ( finbold.com )
- 2024-09-20
Bitcoin analyst eyes $40,000: 'Prepare for the crash'