Bitway (BTW) Rockets 250% in a Month: Perfect Time to Short?

The viral altcoin BTW is the best-performing cryptocurrency today (October 14), up nearly 40% in a single day and 250% over the last month. It currently trades around $2.50 and has a market capitalization of almost $4 billion.

The triple-digit monthly increase has put the token in the spotlight, fueling expectations that the price could climb even higher in the near future. However, many think now is the perfect time to open short positions, and certain indicators support a bearish scenario.

Major Red Candle Incoming?

Despite the crypto market’s heightened volatility, Bitway has experienced a nearly uninterrupted upward trajectory lately and is now the 32nd-largest digital asset, after flipping popular altcoins like Bittensor (TAO), Shiba Inu (SHIB), Cronos (CRO), and many more.

The impressive price increase has rewarded early buyers with significant profits (at least on paper), leaving many market participants wondering if the asset’s uptrend still has room to continue. Nonetheless, multiple analysts warn that a short-term correction, and even a major collapse, are now more likely.

X user Zayn noted that BTW has posted eight consecutive green candles, signaling extremely overbought conditions. The analyst expects a “hard correction” to $2 and below but alerted traders to be careful when opening positions:

“Everyone will be looking to short here, so don’t go all in. Keep your position small and keep your stop-loss and liquidation levels above $3.50.”

UMER (THE BULL) issued the next warning, anticipating a short setup and monitoring the $2-$2.05 zone. The X user went even further, calling BTW a “scam coin” that can print “massive wicks” in either direction, so people should always trade it with a stop-loss.

Crypto With Gopal also chipped in. He said BTW has formed a double-top pattern after the price was rejected near $2.75-$2.80, signaling possible profit-booking pressure.

“Bears are watching the $2.40 neckline – a breakdown could trigger a deeper pullback toward $2.10. BTW is at a critical decision zone – bulls must defend support to keep the rally alive,” he concluded.

Additional Red Flags

BTW’s Relative Strength Index (RSI) supports Zayn’s theory that the token has entered extreme overbought territory. Latest data shows the ratio has surged past 80, suggesting the price has pumped too much in a short period and may be due for a short-term pullback.

BTW RSI, Source: RSI Hunter

Another concerning factor is the high concentration of token ownership. According to CoinMarketCap, the top 10 addresses control more than 96% of BTW’s supply, making the coin highly vulnerable to potential price manipulation.

BTW Holders Distribution, Source: CoinMarketCap