Alan Santana, cryptocurrency analyst at TradingView, yes predicted that the price of Bitcoin could potentially boost dramatically falling to recent lows approximately $35,720, which is influenced by the diminutive volume of purchases. The analyst declared that the current state of the market is bearish, highlighting potential manipulation by whale investors.

Bitcoin price may fall to $35,720

According to Santana, Bitcoin has seen 75 days bullish activity but failed to reach projected recent price highs, currently trading within the lower highs of sub-$70,000. Although the cryptocurrency hit an all-time high (ATH) in March, surpassing $73,000, Santana concluded that the overall the market has become relatively bearish.

He revealed that the majority Bitcoin price action from August 5 to today is part of a reverse correction, which suggests that prices were rising but without reaching recent highs.

Santana also stated that Bitcoin’s current price action confirms this to be the case lack of upward momentum. He attributed this lack of dynamics to the silence whale activityemphasizing that there are currently no buyers or purchasing volume at current market levels.

Santana predicted this due to the bearish conditions Bitcoin could end up crashing to $35,720, a massive 46.68% drop to recent lows. This also means that the price of Bitcoin will drop by almost half, causing panic and fear among retail and whale investors.

Contrary to Santana’s bearish analysis, Bitcoin price According to CoinMarketCap, it rose by 5.56% and reached a price of $68,203. The cryptocurrency is gradually rising to reach $70,000, driven by positive changes in market sentiment and historically growth fourth quarter.

Although Santana remained steadfast in his opinion bearish bitcoin predictions due to his confined purchasing power, the analyst also faced backlash from various members of the crypto community. One member criticized Santana’s bearish predictions for Bitcoin, suggesting there were flaws in his analysis. Others accused the analyst of trying to manipulate investors using a Bitcoin chart from the Blofin exchange, which is usually characterized by less transaction activity.

Bitcoin market manipulation and bear markets

Despite the heat from cryptocurrency members, Santana believes in it market manipulation led to the current bearish price action in Bitcoin. The analyst emphasizes that the price of Bitcoin can be artificially manipulated by vast holders, i.e. the so-called Whales.

He said these whales could raise the price of Bitcoin hoping that retail investors will enter the market and make purchases, which will ultimately trigger a wave of gains. According to Santana, if there is no original Bitcoin buyersthe alleged manipulation may backfire and possibly lead to losses for the market manipulators in question.

Santana revealed that retail investors can no longer be easily fooled into buying Bitcoin at its peak, showing more caution due to previous cycles of manipulation and hype. He also revealed that buyers are not influenced by analysts’ exaggerated predictions of significant future profits claiming that Bitcoin could reach $3,000,000.

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