Earlier this year, well-known crypto expert DonAlt shared his view that the biggest cryptocurrency, Bitcoin (BTC), is facing a bearish trend. He advised investors, saying that Bitcoin has entered a bearish zone.
A crypto expert known as DonAlt has cautioned investors about Bitcoin’s situation. According to DonAlt, Bitcoin is now in a downward trend after dropping below $30,000. He described the decline as consistent and mentioned the importance of getting back above $30,000 in the near future. He also emphasized the significance of staying over $20,000 for the long run. DonAlt added that if Bitcoin can maintain itself above $27,000, the situation could improve.
The analyst also pointed out that Bitcoin’s value has been declining since June. However, BlackRock’s request for a Bitcoin exchange-traded fund (ETF) from the U.S. Securities and Exchange Commission (SEC) has offered some help to the cryptocurrency.
BlackRock’s involvement has been a positive influence. If you believe that ETFs will get approved soon, you might expect a similar outcome. But if you expect delays or denials, you should consider a much lower target level.
As per the analyst, the weekly close must exceed $30,000.
While DonAlt believes Bitcoin is in a downtrend, he noted that a recent small rise above $30,000 in the past day suggests that the bullish sentiment hasn’t disappeared. The analyst mentioned that for Bitcoin to start an upward trend again, it’s crucial to end the week with a value over $30,000.
Currently, we’re still below the resistance point of $30,000 on a weekly basis. To consider a potential buyback trade, we’ll need to close above this level at least. Notably, the fact that the downward movement has paused is a positive sign I haven’t seen in weeks.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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