Crypto Analyst Warns Bitcoin Could Nuke If Critical Support Level Crashes: “I Think It Will Crash”

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A prominent cryptocurrency analyst has predicted that Bitcoin BTC/USD could face a potential meltdown if a particular scenario unfolds soon.

What happened: In a YouTube video on Friday, pseudonymous analyst DonAlts said that Bitcoin was looking at a drop of up to 30% if it lost the key $30,000 level.

According to the analyst, Bitcoin saw a rally following positive developments which included the submission of applications for Bitcoin spot exchange-traded funds (ETFs) and a major decision related to XRP.

However, he warned that the impact of these events could fade, potentially leading to a sharp decline in BTC’s value.

The price is higher than it was yesterday. And I’m much more bearish now than yesterday on Bitcoin, DonAltsaid.

I’m not necessarily bearish yet. In general, what’s cool about bitcoin right now is that basically this move started with some good news, one and under $30,000, a strong strong level that’s just very evident at see, he added.

Also Read: Former Morgan Stanley CTO Believes Crypto Represents a Long-Term Growth Opportunity

According to DonAlt, Bitcoin may slowly decline in value over the next few days before the broader crypto market turns bearish.

I think if we lose both, basically if we lose the news impact and we lose the $30,000 psychological level, I think that’s going to collapse like a proper nuclear level, because you get around 10 %, 20%, 30% less immediately, he says in the video.

The analyst mentioned that his intuition indicated a downward direction for the market. He further explained the multiple reasons for adopting a highly defensive stance.

However, DonAltex expressed the belief that altcoins could retain some momentum even with a gradual decline over the next few days. He speculated that some altcoin-related activities may still exist during this time.

But that would be the worst combination, honestly. If you get altcoin action while Bitcoin is bleeding this news event, that’s as bearish as possible. Any full retracement of this news event will be very, very bearish. And that means you can be optimistic until it happens, he said.

At the time of writing, Bitcoin was trading at $30,306, up 1% in the past seven days.

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Now Read:Analyst Says Bitcoin Is More Likely to Rise Than Fall

Photo: Shutterstock

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