A top crypto analyst predicts that Bitcoin (BTC) is likely to crash if a scenario plays out in the near term.
Pseudonymous analyst DonAlt tells 52,300 subscribers to the Technical Roundup YouTube channel that Bitcoin could drop as much as 30% if it loses the $30,000 key.
Bitcoin rallied on positive news of bitcoin spot exchange-traded fund (ETF) applications and historic XRP verdict, but that momentum could wear off and send BTC down.
“The price is higher than yesterday. I’m much worse at Bitcoin now than I was yesterday.
Now the altcoins will get a bit of a tailwind and the bitcoin thing will be invalidated. I’m not necessarily tired yet. In general, the interesting thing with Bitcoin right now, basically, this move started with good news, one, and $30,000, a strong, strong level, very clear to see, $30,000 round number, $30,000 looks like this. A good number.
If we lose both, basically if we lose the impact of the news and we lose the $30,000 psychological level, I think it’s going to break – like the right nuke level you’re down 10%, 20%, 30%. Almost immediately.”
A 30% drop from Bitcoin’s current price of $30,307 would bring BTC to around the $21,000 level.
According to DonAlt, the value of Bitcoin may slowly depreciate over the next few days before the entire crypto markets go haywire.
“Because this news raised this thing by 2%. You will expect much, much more. But basically, the bullish reversal is 2% away. So it doesn’t cost much to be bullish.
My gut feeling is that I’m still tired. I have a few reasons why I am so defensive about the market. But I think the next three, four, five days, even if we get a little bit of altcoin activity, altcoins can pick up a little bit of momentum.
But honestly that would be the worst combination. If you get altcoin activity, when Bitcoin releases this news, it’s the worst…
Any complete retracement of this news would be very, very bad. This means you can be bullish until it actually happens.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check the price action
follow us TwitterFacebook and Telegram
Surf the Daily Hodel Mix
Disclaimer: Opinions expressed in Daily Hodl are not investment advice. Investors should exercise their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you may incur are your responsibility. Daily Hoddle does not recommend the purchase or sale of any cryptocurrency or digital assets, and Daily Hoddle is not an investment advisor. Note that Daily Hodl participates in affiliate marketing.
Image created by: Midjourney