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Trader Who Nailed 2023 Crypto Resurgence Issues Bitcoin Warning, Says BTC About To Witness a Correction

source-logo  dailyhodl.com 09 May 2023 08:21, UTC

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.

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.”

Source: DonAlt/Twitter

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.

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