Is Bitcoin About To Crash? Crypto Analyst Plots Key Scenarios As BTC Struggles Below $ 50,000

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A popular crypto analyst says he is examining both potential scenarios for Bitcoin as the crypto king struggles below $ 50,000.

The pseudonymous trader, known as DonAlt, mentions on the Weekly Open that Bitcoin remains bullish as long as it stays above a key level.

“The weekly [chart] is always bullish as long as you have $ 45,000, and the daily is always bullish.

DonAlt claims that if Bitcoin breaches the key support area, it will likely accelerate to around $ 40,000. If that level breaks, it says that BTC will “kick back completely”. If this holds, he predicts that Bitcoin will initiate the second step in the bullish direction.

But for now, DonAlt is waiting for the market to give him more signals that would indicate if there is a larger change in Bitcoin’s trend.

“So if you want to be very bearish I think it’s still reasonable to wait, let’s say if we lose $ 45,000 a week and start losing $ 40,000 a day. Then it starts to look like the high of complacency … If you are [a] bull, you want to position yourself for bullish price action… Bears have a invalidation above $ 50,000. Bulls have a invalidation of less than $ 40,000.

While DonAlt is currently neutral on BTC, it also doesn’t rule out the possibility of a Bitcoin supercycle.

“It’s pretty fun to see how we got the ICO [initial coin offering] stuff reflected in the NFT [non-fungible token] space, and then we have the low-cap [whatevers] pumping too. Kinda reminds me of 2018, not gonna lie. But I mean, maybe it’s the supercycle, and honestly, I don’t want to dismiss that idea. I don’t think it’s crazy to play for that, considering that positioning yourself for it is going to be really tough when it’s going to be proven. By the time everyone agrees that it’s a supercycle or whatever, it will be impossible to get into it.

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Featured Image: Shutterstock / camilkuo

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