Technical analysis by Sazzy about Symbol BTC: Sell recommendation (10/16/2024)

With the level of optimism surrounding Bitcoin and the 'Bull Run', there will be so many persons jumping on the band wagon tonride the rally especially in these last few days. I see BTC making a correction towards the $40k with the Bulls selling of around $71k. The goal of the whales is to gain a massive share of the marketcap and what best way to do that other than driving price down, inflicting a panic sell and buying back for cheap. Bitcoin is currently at its premium, the only thing that's reasonable for now is shorting and don't see why one will want to go long. We should see a real bullish move from 2nd to 3rd quarter next year. Other than that, it's a sell for me.