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A widely followed crypto strategist is warning Bitcoin holders, saying BTC bears currently have the upper hand and could send the crypto king to a new bear market low.
In a new strategy session, pseudonymous analyst DonAlt says BTC bears are flexing their muscles after preventing Bitcoin from successfully clearing its resistance around $17,500.
According to DonAlt, Bitcoin’s breakout failure suggests that momentum remains on the bearish side and that BTC will likely see a fresh bear market at around $15,300 this year.
“Looking at everyday life, [chart] it’s horrible. It’s a false breakout, which in a downtrend you don’t actually want to see. This is usually where the top is in this case. You have to have your target at low range, but since low range is so, so low here, you would basically expect it to be executed like this, if you’re targeting [the] low range, you actually want to target lower.
Source: DonAlt/YouTube
According to DonAlt, his bearish scenario is now more likely to play out as BTC is currently trading below a low-end support zone.
“We’re in this crappy situation, where this crappy support at $16,800… basically the range before the false breakout… It has to hold. If it doesn’t hold up, you really don’t have much else.
At the time of writing, Bitcoin is changing hands for $16,778, a fractional drop on the day.
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