A widely followed strategist who called the Bitcoin (BTC) bottom in November of 2022 is outlining three reasons why the king crypto could turn bearish.
Pseudonymous analyst DonAlt tells his 493,800 Twitter followers that his “gut feeling” is that Bitcoin will collapse.
“My gut feeling is we’ll nuke, to be honest.
Taking too long to go up, S&P [500 index] at resistance, dumb shit up a lot.
But given I don’t have a position AND I haven’t been watching the market much lately my gut could just be off.
So I’ll just watch the technicals and they’re neutral now.”
Expounding further on his bearish thesis in a TechnicalRoundup video, DonAlt says that the filing of spot Bitcoin exchange-traded funds (ETF) by giant Wall Street firms such as BlackRock was a catalyst that should have triggered a rally already.
“Bitcoin is consolidating above resistance right now. The problem that I have with this whole thing is that, in my opinion, the whole ETF thing is big enough that it should have pumped already. And the fact that it hasn’t has me worried.”
Bitcoin is trading at $31,360 at time of writing.
According to the analyst, Bitcoin’s support level at $29,000 has to be maintained to avoid a significant correction.
“As long as it [Bitcoin] holds $29,000 on the closing basis, I think this looks okay. If it closes below it would look bad…
As long as we’re holding $29,000 it all looks good in this, nothing to complain about. If we lose it, I could see this cascade a little bit.”
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