A trader who correctly went long on Bitcoin (BTC) at the beginning of the year says the crypto king’s rally may be coming to a conclusion, despite positive developments for the market.
The pseudonymous trader known as DonAlt tells his 495,900 Twitter followers BTC’s failure to print significant gains despite all the good news boosting the crypto markets likely indicates that some weakness is on the horizon.
DonAlt says that if Bitcoin goes below $30,000, then it essentially ignored spot-based BTC exchange-traded fund (ETF) announcements, BlackRock CEO Larry Fink speaking positively about it, and the favorable ruling in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple.
“If we lose $30,000 it’s lights out…
If we undercut:
The announcement of a European BTC ETF
XRP winning its case
Blackrock trying to get an ETF and
Larry Fink publicly trying to make it pump
and lots more good news
What can make this rock pump?
Bulls gotta step up massively here or I think $20,000 isn’t impossible.”
In order to maintain strength and have a shot at hitting new highs, DonAlt says BTC needs to close above $33,000. Otherwise, a close below the $29,500 mark would not bode well for the top crypto.
“Brief look at the market:
I think it’s a toss-up here, both bulls and bears have a shot.
Closes sub $29,500 would look bad. BTC needs to maintain ETF momentum
Closes above $33,000 and we’re back in the all-time high range with ETF tailwind
I’ll let the market figure it out before I get involved.”
At time of writing, Bitcoin is worth $30.329.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney
Shutterstock/Chuenmanuse