A pseudonymous trader and analyst is outlining a key support level that could change his bullish thesis for Bitcoin (BTC).
The trader and analyst pseudonymously known as DonAlt tells 67,000 subscribers of the TechnicalRoundup YouTube channel that Bitcoin is “still hilariously bullish.”
DonAlt, however, says that the bullish case for Bitcoin could be invalidated if the crypto king falls by around 9% from the current level.
“You just don’t want to necessarily lose $108,000. I think that’s like the first warning sign that something is wrong…
But I’m not too worried just yet. I will be very, very worried if we lose this breakout [$108,000]. And then I’ll I’ll see if I change my positioning. But until then, you can barely see this pullback. It’s not even a pullback on the weekly time frame. There’s literally just like a consolidation.”
According to the pseudonymous trader, one of the risk factors that Bitcoin faces comes from corporations purchasing the crypto king for the purpose of adding BTC to their treasuries.
“If they’re done and they cannot buy anymore, that would be the end of the Ponzi, which would not be great, right. Because then I think that would basically nuke us. So that’s the risk.
I think it’s a real risk and it’s never been riskier in that regard. It’s just basically the reward that you get if you’re right and bullish, kind of equals that out. But it is, don’t get me wrong, like I think it’s a dangerous spot that we’re in. It gets harder and harder to hold, basically.”
Bitcoin is trading at $118,090 at time of writing, up by around 13% over the past 30 days.
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