A trader and analyst who accurately predicted the crypto bottom in November of 2022 is warning that Bitcoin (BTC) may be on the verge of a downtrend.
In a new video, the trader pseudonymously known as DonAlt tells 66,200 subscribers of the TechnicalRoundup YouTube channel that Bitcoin remains at high risk of plummeting in value.
[adinserter block="1"]“But we’re still in danger territory. I don’t want to bull talk too much while we are in the area where we can get rejected easily.”
The analyst says Bitcoin may be on the verge of a collapse at current price levels, or the flagship crypto asset may surge briefly to the $90,000 level before entering a downtrend after facing resistance.
“For the bears, you can make an argument that this is as good as it gets of an area. Because, honestly, if this doesn’t get rejected here [in the mid-$80,000s], where is it going to? You can obviously hope for a wick towards $90,000, $91,000. I think that would be the only real acceptable bearish setup to take. But if you are like a convicted bear, like you have conviction in your view and you 100% don’t want to miss out like this is the best area to do it.”
However, the analyst says Bitcoin may remain in a bullish cycle and regain a six-figure value if macroeconomic conditions improve.
“I think the best course of action is a close above $90,000. Like, we start doing this, poke our head back above $90,000 favorably. Obviously, if the macro situation changes alongside with it, I think the next candle is going to be like this [to around $95,000]. And then the next candle is going to be like that [at around $102,000]. And then we’re going to trade at $110,000-$120,000.
So basically, the moment we get back above $90,000, there’s a decent setup, stop loss down here [at $77,000], entry somewhere there [at around $90,000], and then the target above $110,000 into maybe $120,000-$130,000. That’s kind of the best setup that I see for the bulls.”
Bitcoin is trading for $82,788 at time of writing, down 2.1% in the last 24 hours.
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