An experienced trader says he is hesitant to turn bullish on Bitcoin (BTC), but is still considering the possibility of another crash in November 2018.
In November 2018, BTC fell below $6,000 after consolidating within a narrow range for more than six months, and while many were eager to buy the dip, Bitcoin didn’t bottom until it reached nearly $3,000.
Pseudonymous trader DonAlt tells his 568,000 followers on social media platform
“Personally, I think people are becoming bullish too early here.
I remember when $6,000 broke and people immediately rushed in to buy $5,500.
It didn’t end so well, [and] That’s why I’m going to chill for a while until it’s clear where this idiot wants to go…
Either way, a weekly close above $60,000 would be mega bullish. A weekly close at $52,000 would have me looking for bounce plays next week. Anything that isn’t either of these two is fake and… uninteresting garbage that doesn’t deserve attention.”
DonAlt say BTC has suffered a “massive range breakdown” after failing to hold $60,000, and Bitcoin will likely need time and confirmation to recover.
“ID cardI don’t think there’s much point in being too aggressive. There is plenty of time and space if we actually regain range to just go full retard and I’m happy to participate.
Here? Personally, I just don’t see the risk/reward.”
At the time of writing, Bitcoin is trading at $57,743, up 2.35% on the day.
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Generated image: DALLE3