Top Analyst Warns Bitcoin Rally May Be Last Before Major Correction

A well-known crypto analyst has issued a warning to Bitcoin investors, stating that the current BTC rise may be the penultimate leg up before a significant correction.

In a new strategy session, the pseudonymous analyst DonAlt asserts that Bitcoin’s support around $18,000, which has kept the leading cryptocurrency reasonably constant since June, is unlikely to remain if BTC bulls are unable to continue the current advance.

“I don’t think the support is good anymore. So basically, if you’re bullish, you’re going to have to pray that this resistance ($21,000) goes. You have to break it. If you’re bearish, if you sold into resistance, you have a pretty neat entry, and you can bet on basically [a] breakdown just based on the fact that we’ve had for once had a little bit of an impulse [rally].

I think it’s the last impulse [rally] that we’re going to get off of this level.”

According to DonAlt, he is prepared to stock up on BTC if the price drops to $15,000 or less.

While the analyst warns of a probable pullback, he believes BTC supporters may still disprove his thesis and spark a 40% rise for the leading cryptocurrency.

“Just looking at the daily [chart], the obvious trade is to long this because your invalidation is really clear. Like I said, this impulse [rally] is, in my opinion, the last one you’re going to get from the level, so if we full retrace this impulse [rally], you should be out. That basically puts your invalidation at low $19,000s. That’s a very, very tight invalidation.

The target is quite high up. So you can target $29,000 if this breakout sticks.”

At the time of writing, one bitcoin is exchanging hands for $20,581.