An analyst who masterfully rode this year’s crypto rally warns that a Bitcoin (BTC) correction is in sight.
In a new strategy session, DonAlt tells his 50,600 YouTube subscribers that Bitcoin has broken down from a symmetrical triangle pattern on the daily chart.
[adinserter block="1"]According to the crypto strategist, the triangle breakdown suggests that Bitcoin could be in for an extended corrective period.
“If it breaks down, then I think you really do have a correction on your hands.”
DonAlt also says the correction should give BTC bulls time to accumulate the crypto king at lower prices considering that Bitcoin rallied by about 100% from its November 2022 bottom.
“I think we have quite a bit of time in general. I think the markets, in general, are going to cool off, be that through prices going down or be that through price just going sideways and chopping, which we’ve had.”
The crypto strategist also points out that Bitcoin is still struggling to maintain its uptrend despite favorable macro conditions.
“We’ve had S&P strength. We’ve had gold strength. We had banking FUD (fear, uncertainty and doubt). We’ve had dollar weakness.
And BTC couldn’t move up. Why?”
At time of writing, Bitcoin is trading for $27,731, down over 4% on the day.
I
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
