Cryptocurrency Analyst Ali Martinez revealed bearish sentiment among Binance’s top traders towards Bitcoin. This development suggests that the flagship cryptocurrency may soon experience significant downward pressure.

Top Binance Traders Sell BTC Compact

Martinez Revealed on X (formerly Twitter) fasting that 51.41% of the top traders on Binance tiny Bitcoin. This means that these investors expect the flagship cryptocurrency to decline in price, despite its recent bounce above $60,000. Indeed, BTC started this week with a price correction, falling to $58,000.

This bearish outlook for Bitcoin suggests that the rally to $60,000 was more of a relief bounce than a bullish reversal. In a recent analysis, Martinez also revealed that the flagship cryptocurrency is still in a downtrend. He referred to the dynamics of Bitcoin’s market value to realized value (MVRV), which he claimed shows that the flagship cryptocurrency has been in a downtrend since breaking below $66,750 in June. He added that this trend has not changed yet.

As Bitcoin continues to trend lower, the cryptocurrency risks further declines. Martinez emphasized Price level 58,100 dollars as key, noting that a break below could lead to a decline towards $55,000. On the other hand, he stated that Bitcoin could rebound to mid-to-upper levels of $60,200 or $62,000 if it holds the lower boundary of the parallel channel.

Meanwhile, cryptocurrency analyst Jelle recently featured $65,000 as a price level Bitcoin needs to reclaim to enjoy a bullish reversal. However, reaching that price level is tough for now, especially given the uncertainty surrounding inevitable interest rate cuts and the US presidential election. Bitcoin bulls are waiting to see how the market reacts to the Fed’s interest rate decision, which will be announced on September 18.

It is also worth mentioning that September is historically a bearish month for Bitcoin. This is not expected to change as investors look to October as the month to return to the market.

Bitcoin could still fall as low as $15,000

Renowned economist Peter Schiff warned that Bitcoin could fall as low as $15,000. He highlighted what he believes to be a triple top on Bitcoin’s chart. The expert added that the chart is worse if the flagship cryptocurrency is priced in gold. The economist expects BTC to fall to at least the uptrend line about $42,000but doubts it will be possible to maintain this support line.

As such, I predict Bitcoin will retest long-term support between $15,000 and $20,000While it is unclear whether this will happen, Schiff is known as a Bitcoin bear and has consistently supported for gold instead of the flagship cryptocurrency.

At the time of writing, Bitcoin is trading at around $58,200, down over the past 24 hours, according to data data from CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com