Crypto Trader Who Predicted 2023 Crypto Rally Now Anticipates Ongoing Bitcoin (BTC) Downtrend
Prominent Crypto Trader Notes Bitcoin’s Bearish Shift and Recovery Potential
Well-known pseudonymous crypto analyst DonAlt, recognized for his accurate prediction of the crypto breakout earlier this year, has signaled a change in Bitcoin’s trajectory towards bearish territory. With a significant loss of $30,000 as a support level, DonAlt, followed by over 500,700 individuals, highlights that Bitcoin’s steady downtrend is in motion. While some might interpret this as a period of fluctuation, DonAlt asserts that it unmistakably indicates a downtrend.
In his analysis, DonAlt identifies key price points, stating that values above $30,000 and $20,000 are favorable, while $27,000 could suffice for speculative trading. Notably, he points out that Bitcoin’s bearish trend has been ongoing since June. However, the recent application by BlackRock for a spot-based BTC exchange-traded fund (ETF) has provided a boost to the primary crypto asset.
Acknowledging the effect of this development, DonAlt notes, “We received substantial support from BlackRock… If you anticipate a prompt ETF approval, you might consider a similar outcome. Alternatively, if you expect delays or denials, a more significant decline could be in the cards.”
Despite his prevailing bearish sentiment, DonAlt observes a recent upward movement in Bitcoin’s price, surpassing $30,000 in the past 24 hours. This indicates that bullish forces are not yet entirely sidelined. He emphasizes that for Bitcoin to regain its bullish momentum, it must conclusively close the week above the $30,000 mark.
In this evolving landscape, DonAlt remains cautiously optimistic, acknowledging the potential for a shift in the current trend while closely watching for signals of sustained recovery.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
Comments are closed.