A leading cryptocurrency analyst has predicted that Bitcoin (Crypto:BTC) will face a crash if a certain situation occurs immediately.
What happened: In a YouTube video Friday, the pseudonymous analyst Donalt Bitcoin is looking to fall as much as 30% if it misses the key $30,000 level.
According to the analyst, Bitcoin experienced a rally following positive developments that included the submission of Bitcoin spot exchange-traded fund (ETF) applications and a landmark ruling regarding XRP.
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However, he cautioned that the impact of these events will fade and BTC’s value will plummet.
“The price is higher than yesterday. “I’m much worse off on Bitcoin now than I was yesterday,” Donald said.
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“I’m not necessarily tired yet. “In general, the interesting thing with Bitcoin right now is, basically, this move started with good news, one, and $30,000, a strong, strong level, it’s very clear to see,” he added.
According to DonAlt, Bitcoin’s value may slowly decline over the next few days before the entire crypto market turns upside down.
“If we lose both, basically if we lose the impact of the news and lose the $30,000 psychological level, I think it’s going to collapse — like a proper nuclear level you’re down 10%, 20%, 30%. Almost immediately,” he said in the video.
The analyst mentioned that his gut feeling indicates a downward direction in the market. He also explained multiple reasons for taking a very defensive stance.
However, DonAlt expressed confidence that altcoins will maintain some momentum even if there is a gradual decline over the next few days. He speculated that some activity related to altcoins will remain during that period as well.
“But that would be the worst combination, honestly. If you get altcoin activity when Bitcoin releases this news, it could be the worst. Any complete retracement of this news would be very, very bad. That means you can be bullish until it happens,” he said.
At the time of writing, Bitcoin is trading at $30,306, up one percent over the past seven days.
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