A trader who masterfully rode the crypto breakout earlier this year warns that Bitcoin’s (BTC) price action is reminiscent of last year’s relentless downtrend.
In a new strategy session, crypto analyst DonAlt tells his 52,600 YouTube subscribers that Bitcoin Bears appear to be in complete control.
According to the crypto strategist, sellers see rallies driven by good news stories as opportunities to offload BTC.
“There is just weakness. Every time we make a bullish move… you get a big outsized candle that just completely erases that, and that’s been the story since we entered this range. You get a good event and then you get a bigger candle that completely wipes it out.
DonAlt also says he likens Bitcoin’s movement to the stock market. The trader points out that Bitcoin’s lackluster performance every time the stock market rises reminds him of last year’s crypto bear market.
“Ribut now the price action is more bearish than bullish. Every time the S&P (500) falls, crypto goes down faster, and every time the S&P rises, Bitcoin just doesn’t do anything. We’ve seen that before, in fact all the way from $60,000 to $15,000, we had that sort of relationship between the two where we just shut down when the S&P would do well and the nuke when it went bad.
I am not a big fan of the return on that.”
While DonAlt says BTC is showing multiple signs of weakness, he notes that Bitcoin could still gain some momentum if it moves above a certain level.
“The nice thing is if you look at the daily time frame, there’s at least a way to get into this thing on strength, which would be a move above $30,700. I think if we go above the range high, and to me that’s the range high, you could make an argument that, ‘Okay, this was just all bad,’ but we’re pretty far from it.”
At the time of writing, Bitcoin is worth $29,242.
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