Top Crypto Analyst Issues Bitcoin Alert, Warns BTC Could Nuke If Critical Support Level Collapses

[ad_1]

A leading crypto analyst predicts that Bitcoin (BTC) is at risk of crashing if any scenario unfolds in the near term.

Pseudonymous analyst DonAlt tells the 52,300 subscriber YouTube channel TechnicalRoundup that Bitcoin is eyeing a drop of up to 30% if it loses the key $30,000 level.

He notes that Bitcoin has rallied on positive news from Bitcoin spot exchange-traded fund (ETF) demands and the landmark XRP decision, but this impact may fade and send BTC plunging.

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

Now, altcoins might have a little tailwind and Bitcoin might be invalidated. I’m not necessarily bearish yet. In general, what’s cool about bitcoin right now is that basically this move started with good news, one, and from $30,000 a strong strong level that’s just very obvious to see, a round number of $30,000, $30,000 just feels like a good number.

And 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 about 10%, 20%, 30% less almost immediately.

A 30% decline in Bitcoin’s current price of $30,307 would take BTC to around $21,000.

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

“Because this news just sent this thing up 2%. You would expect much, much more. But basically the bullish invalidation is at 2%. And so it doesn’t cost too much to be bullish.

My gut is still like I’m down. I have a few reasons why I’m very, very defensive in the market. But I think altcoins might retain some momentum even if we just bleed the next three, four or five days we might still get some altcoin action.

But that would be the worst combination honestly. If you get altcoin action as bitcoin bleeds this news event, that’s the most bearish it can be

Any full retracement of this news event will be very, very bearish. And that means you can be optimistic until it actually happens.

I

Don’t miss a beat Subscribe to receive email alerts straight to your inbox Check the price action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest headlines Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Generated Image: Midjourney

[ad_2]