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Popular crypto trader known online by the nickname DonAlt shared an updated outlook on the price of Bitcoin (BTC). The price of the major cryptocurrency has lost over 14% in the last three days and is currently trading at just under $94,000 per BTC. While such poor performance by Bitcoin in recent days has caused massive liquidations in the altcoin space, it has also brought back a sense of fear, uncertainty and doubt among market participants.
That is why it is worth paying attention to the sentiment of the most popular and established public traders in the cryptocurrency space right now.
For example, in his post, DonAlt discusses that the painful drop of the Bitcoin price to almost $90,000 has led to a major liquidation of altcoins, bringing many of them back to bear market valuations.
$BTC update:
— DonAlt (@CryptoDonAlt) December 20, 2024
Didn't take its time, almost at $90k & alts did indeed massively liquidate
A lot of the coins on my watchlist are literally back at bear market evaluations, crazy to see
Think $85k to $90k is where bulls will try to make a stand pic.twitter.com/hGuwsXDBYx
At the same time, the trader offers a vision where a price range between $85,000 and $90,000 per BTC is likely - where bullish investors might try to stabilize and push the price further, indicating a potential support zone for Bitcoin.
As can be seen on the attached chart, the next major trading range, if the above is breached, will be the $85,000-$71,500 area. Interestingly enough, this is also the area where the unclosed gap for Bitcoin on the CME is located.
Thus, at first glance, it is all doom and gloom. What brings enthusiasm is that the area outlined by DonAlt is almost there, so we can hope for a bullish reaction there. However, considering the year-end tendencies on the crypto market, the roller coaster ride may last for quite some time.