The cryptocurrency market sentiment can be as volatile as cryptocurrencies‘ price action, which includes the leader Bitcoin (BTC). Amid a growing bullish sentiment, Bitcoin short-sellers double down on their stance of a “huge bear market” taking form.
In particular, the cryptocurrency trader and analyst Xanrox published an idea on TradingView warning of an incoming 50% BTC crash. While sharing the idea, Xanrox believes this is a good opportunity to short Bitcoin amid some positive price action.
Essentially, the analysis presents a “fake bullish flag” within the short-term downtrend since March’s $73,800 all-time high.
Interestingly, bullish flags are usually high-precision indicators of upward continuation after a brief period of consolidation. Therefore, a “fake bullish flag” would require solid counterpoints to validate a long-term trend reversal against this popular chart pattern.
Bitcoin (BTC) weekly chart. Source: TradingView / Xanrox
‘Huge bear market starting’ alert blames the ‘Cabal’
Xanrox, the short-seller, however, has not presented counter indicators but blames the “fake bullish flag” on what he calls the “Cabal.” It would be a group of influential entities who create illusions and manipulate public perception.
“Precisely, Bitcoin crashes by 80% – 90% every 3rd year. Of course this is not natural, it’s caused by tremendous manipulation by Cabal (banks, governments, world’s organizations (WEF, WHO, etc…). They all work together while giving you an illusion. They will not tell you that every human naturally possesses strong abilities, such as Telekinesis (move objects with your mind) or Telepathy (you don’t really need to use your phone to communicate over long distances). There are natural abilities that every human can do without exception. And I don’t want to talk about magic powers, leaving your physical body during sleep (astral travel) or meditation, maybe in the next post. These are abilities the Cabal doesn’t want you to use.”
– Xanrox
Moreover, the analyst believes an expected interest rate cut on September 18’s Federal Reserve meeting would be “bearish news” for the crypto and the stock markets – a mostly contrarian view to finance experts.
Bitcoin’s bullish case
On a counterpoint, Zach Pandall, a Grayscale researcher, recently commented on how a “rate cut” would be positive for Bitcoin. Pandall explains that the Federal Reserve will likely cut rates by 25 basis points (bps) despite the market pricing’s higher odds of 50bps.
Notably, Bitcoin’s previous “huge bear market” started once the Federal Reserve started with historically high interest rate hikes in 2022. Later on, stopping the increase in interest rates in the United States triggered BTC’s 2023 bull run. This historical data suggests an interest rate cut could start a 2024 crypto bull run, instead of a “huge bear market.”
BTC/USD vs. Federal Reserve interest rates. Source: TradingView / Finbold
As of this writing, Bitcoin trades at around $56,683, and four other analysts believe the worst has already gone. Namely, CrypNuevo, The ForexX Mindset, Credible Crypto, and Cryptorphic – as Finbold has been reporting throughout the week.
Despite this most recent unpopular opinion forecasting a Cabal-driven “huge beark market” for Bitcoin and opposing views from trading experts, BTC investors and traders should do their research and take their own conclusions on the available signals and indicators.
Predicting cryptocurrencies is challenging even for professional traders, and caution is needed when speculating in this market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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