A top trader who accurately rode the crypto breakout earlier this year says that Bitcoin (BTC) bulls are no longer in control of the leading digital asset.
Pseudonymous analyst DonAlt tells his 499,300 Twitter followers that he is now bearish on BTC.
According to the crypto strategist, it is now within the realm of possibility for BTC to correct all the way down to $20,000 after losing $30,000 as support.
“Turned from neutral to bearish on the large timeframes here. It’s officially a whatever market again, expecting chop, rug pulls and general shittiness at best until we make it back above $30,000. At worst, I’ll see you at $20,000.”
According to DonAlt, $27,000 could act as support for Bitcoin but he’d rather wait for BTC to get back above $30,000.
“Still watching $30,000 for the first signs that bulls haven’t been neutered but the bulls keep disappointing. $27,000 is support but not good enough for me to blind bid. I’d rather just wait until we get some bull momentum back. As in nothing changed, still bearish.”
Meanwhile, fellow analyst Credible Crypto remains bullish on Bitcoin even though it is trading below $30,000. The analyst says that ever since Bitcoin bottomed out last year, it has been in a habit of breaking range support levels before igniting on steep rallies.
“We’ve been repeating the exact same pattern with every single accumulation/consolidation structure since our bottom at $15,000. It’s almost time for the next impulse.”
Looking at Credible Crypto’s chart, he appears to predict a Bitcoin rally toward $38,000.
At time of writing, BTC is trading for $29,765.
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The post Trader Who Caught 2023 Crypto Breakout Flips Bearish on Bitcoin, Unveils Worst Scenario for BTC appeared first on The Daily Hodl.
