dailyhodl.com
A crypto trader who nailed the 2022 Bitcoin bottom thinks that BTC is at risk of witnessing an over 15% correction.
In a new strategy session, pseudonymous analyst DonAlt tells his 59,300 YouTube subscribers that Bitcoin is in danger of losing its range low and support at $61,000 again after reclaiming it earlier this month.
DonAlt warns that a daily close below $61,000 is a huge sign of weakness that will likely trigger a sell-off event that sends BTC close to $50,000.
“This is just the bearish scenario. This was just kind of the complacency bounce off of the range and we start losing it again…
The worst case would be reclaiming the range and then actually losing it again because that’s a ginormous sign of weakness, and then I think we would be heading toward $52,000 and lower… And the reason for that is basically because this range is watched by many. When you get a reclaim like we’ve had and it fails, that just f**ks over a lot of people because you get a bunch of people basically freshly positioning at the level now that it’s broken and reclaimed.
If it starts failing, it’s pretty very, very obvious to see that there’s actually just a major weakness in the market, and I think that would lead to a bigger washout… You really don’t want to lose this range.”
At time of writing, Bitcoin is trading at $61,273, a marginal decrease on the day.
Generated Image: DALLE3