- Market makers seem to be manipulating altcoin prices, potentially hinting at Bitcoin’s next move.
- The current market sentiment is heavily bearish, with FUD (Fear, Uncertainty, Doubt) still on the rise.
- Potential short entry for Bitcoin is at the $28,600 region, aiming for a final target of $23,500.
The Sunday reports are in, and if you’re invested in Bitcoin or other cryptocurrencies, it’s time to pay attention. According to various forms of analysis—Technical (TA), Long-Chain (LCA), and Psychological—the market is strong bearish. In addition, a sense of FUD (Fear, Uncertainty, Doubt) is loading, impacting not just Bitcoin but the entire altcoin sector.
Earlier predictions regarding FTx’s impact on $SOL have come true, but what’s more concerning is that this appears to be just the beginning. Market makers are tactically “fake-pumping” altcoins to liquidate shorts before crashing the prices—effectively “nuking” them. This behavior suggests that they’re well aware of Bitcoin’s next move.
Currently, the best short entry point for those who missed out is at the $28,600 region. Why? Because a retest of the MA100 breakdown that happened on August 17th is overdue, and this region aligns perfectly with a significant liquidity pool. But remember, this is not a call to go long on Bitcoin.
Keeping an eye on upcoming economic numbers like the Consumer Price Index (CPI) and Producer Price Index (PPI), which will be released on Wednesday and Thursday respectively, is crucial as they can add more volatility to the already volatile market.
Summary:
Prepare for one of three scenarios:
- A fake pump to the $28,600 region, followed by a crash.
- Consolidation in the same $28,600 region, followed by a crash.
- In both scenarios, the end target remains the same: a downslide to $23,500.
Be ready for all possibilities and stay vigilant, especially with potential market manipulation at play. It’s a turbulent time in the cryptocurrency world, but understanding market dynamics can help you navigate through it.
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