A widely followed crypto analyst warns about Bitcoin (BTC), saying it could witness an extremely bearish scenario even if it crosses a psychological level.
In a new strategy session on the TechnicalRoundup YouTube channel, pseudonymous crypto analyst DonAlt say that a severe correction for the crypto king after it crosses $70,000 would exhaust all bullish momentum.
According to the strategist, the top crypto asset by market cap looks bullish on a weekly basis, but the situation could change abruptly if BTC witnesses a fake breakout.
“We made a new high last week and unless Bitcoin breaks below $62,000, I think I’m assuming this is bullish on the weekly time frame, and if it loses that, I think it’s hyper bearish…
[Bitcoin] could break out and still be bearish. If a breakout above $70,000 occurs and then it is immediately rejected, that would be the most bearish chart you can draw. Realistically, that would be more bearish and would reverse where we are and head lower…
Basically, you bring all the hype back in and then you dump everyone, making the graph look so much worse than if you just left everything in place. [where] there is a resistance that we have already tested four times or three times depending on the time frame.
Bitcoin is trading at $67,707 at the time of writing, up 1.18% over the past 24 hours.
https://www.youtube.com/watch?v=LTMr8u8ESI
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3