A trader who rightly went long on Bitcoin (BTC) at the beginning of the year says the crypto king’s rally is coming to an end, despite positive developments for the market.
The pseudonymous trader known as DonAlt tells his 495,900 Twitter followers that BTC has failed to post significant gains despite all the good news boosting the crypto markets.
DonAlt say that if Bitcoin drops below $30,000, the essentially spot-based BTC exchange-traded fund (ETF) ignores announcements, BlackRock CEO Larry Fink speaks positively, and the favorable ruling in the US Securities and Exchange Commission (SEC) lawsuit ) against Ripple.
“If we lose $30,000, the lights are out…
If we undercut:
The announcement of a European BTC ETF
XRP wins its case
Blackrock tries to get hold of an ETF and
Larry Fink tries to get it publicly pumped
and many more good news
What can this rock pump?
Bulls need to come out in droves here or else I think $20,000 isn’t impossible.
To maintain strength and stand a chance of hitting new highs, DonAlt says BTC needs to close above $33,000. Otherwise, a close below $29,500 would not bode well for the top cryptocurrency.
“A quick look at the market:
I think it’s a toss-up here, both bulls and bears have a chance.
Close below $29,500 would look bad. BTC needs to maintain ETF momentum
Close above $33,000 and we’re back in the all-time high range with ETF tailwinds
I’ll let the market figure it out before I get involved.”
At the time of writing, Bitcoin is worth $30,329.
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Image generated: Midway through the journey
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