Traders Issue Bitcoin Bearish Warnings As BTC Faces Further Downtrend

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Bitcoin price has turned bearish this week, declining 3% over the past 7 days while Ethereum has rallied 3% in the same timeframe.

As the crypto community analyzes the shifting trends, influential traders and analysts are voicing increasingly negative outlooks on Bitcoin in the near-term.

Crypto trader CryptoCon, with over 75,000 Twitter followers, predicted further downside for Bitcoin after rallying to a local high around $45,000 earlier this year. “Greed surrounding #Bitcoin ETFs couldn’t be higher, and data couldn’t look more overheated,” he tweeted. “I have remained a step ahead, and have been saying that Bitcoin has found its local high at 45k.”

CryptoCon explains that Bitcoin’s Sentiment Market Index (SMI), which gauges overall market optimism, has “completely peaked.” He notes that the first SMI peak during each market cycle has previously marked the cycle’s mid-top point. Comparing Bitcoin’s potential .618 Fibonacci retracement level near $48,000 to its April 2021 all-time high, CryptoCon believes “we’re already there.”

In essence, excessive bullish sentiment has driven Bitcoin’s price to overextended levels compared to underlying network adoption. CryptoCon foresees a healthy pullback to the $30,000 area allowing long-term investors to accumulate at better valuations. This contradicts those anticipating a direct rally towards Bitcoin ETF approval in 2024. By detailing statistical evidence and contextualizing historical patterns, CryptoCon presents an insightful bearish scenario.

Fellow trader Snipegoat echoes this perspective in a TradingView post, stating, “I just read the charts! It’s all about the Technicals! Price Action is showing a very high chance of a Weekly Retracement due to accomplishing a major High point. Grant it, Price is still respecting Weekly Low’s until it’s not, but Price is currently showing respect to Weekly high’s on lower TF’s which could be the signal for the start of a well needed Weekly Retracement.”

In other words, Snipegoat analyzes Bitcoin’s price chart on multiple timeframes. He sees Bitcoin hitting a major recent peak in price, which often leads to pullbacks as buyers take profits. While broader weekly support still holds, Snipegoat identifies bearish divergence on smaller intraday charts – with Bitcoin struggling to break past overhead resistance despite multiple attempts. 

This disconnect between larger and smaller timeframe price action signals an exhausted uptrend. As such, Snipegoat believes the technical landscape favors a healthy weekly retracement to reset overheated conditions before any renewed uptrend. By monitoring the interplay of support/resistance across charts of different granularities, Snipegoat makes the case for near-term bearishness.

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