A much-followed strategist who called the bottom of Bitcoin (BTC) in November 2022 outlines three reasons why the king crypto could turn bearish.
Pseudonymous analyst DonAlt tells his 493,800 Twitter followers that his “gut feeling” is that Bitcoin will collapse.
“I have a feeling we’re going to use nukes, to be honest.
It’s taking too long to go up, S&P [500 index] at resistance, stupid shit a lot.
But since I’m out of position AND I haven’t been watching the market much lately, my gut just couldn’t be right.
So I just look at the technical data and it is now neutral.”
Expanding on his bearish position in a TechnicalRoundup video, DonAlt say that the filing of spot Bitcoin exchange-traded funds (ETF) by giant Wall Street firms like BlackRock was a catalyst that should have already sparked a rally.
“Bitcoin is currently consolidating above resistance. The problem I have with this whole thing is that, in my opinion, the whole ETF thing is big enough to have pumped it out already. And the fact that that is not the case worries me.”
Bitcoin is trading at USD 31,360 at the time of writing.
According to the analyst, Bitcoin’s support level should be maintained at $29,000 to avoid a significant correction.
“As long as it is [Bitcoin] holds $29,000 on the closing base, I think this looks good. If it closes below, it looks bad…
As long as we hold on to $29,000, it’s all looking good here, nothing to complain about. If we lose it, I could kind of see this cascade.
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