An analyst who called the 2023 Bitcoin breakout is warning that the crypto bull market may witness an abrupt end if BTC fails to stay above a critical price area.
A cryptocurrency analyst who called the Bitcoin breakout earlier this year is warning that the crypto bull market could be cut short if BTC fails to stay above a key price zone.
Pseudonymous analyst DonAlt tells his 66,400 YouTube subscribers that Bitcoin is in danger of repeating its 2021 bull market top, when BTC lost all steam after failing to take out a cycle high of around $69,000.
“We had a breakout [at $60,000 in 2021]. You really don’t want to see that breakout get stuffed. And the moment we closed below $60,000, I was like, ‘Okay, this is kind of [messed up]. ”
After Bitcoin failed to hold $60,000 in November 2021, BTC went on to witness a multi-month downtrend that saw the crypto king slip below the $20,000 level.
Now, DonAlt warns that Bitcoin could be in a similar position as it struggles to take out its last resistance at $110,000.
“And you can argue the same here. I don’t necessarily think $104,000 is good enough, but it would be an early warning sign if we start losing it. And then you can make the comparison easier. And then a little bit of a better warning sign, I think, is around $100,000, where we start getting into danger territory.
And then if we start dipping down there, all bets are off, and then time to run probably.”
At time of writing, Bitcoin is trading for $107,590.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
