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Predictor Of 2023 Crypto Rally Signals Bitcoin (BTC) Downtrend

Predictor of 2023 Crypto Rally Signals Bitcoin (BTC) Downtrend

A renowned trader who successfully timed the cryptocurrency breakout earlier this year thinks that Bitcoin’s (BTC) trend has changed to favor bears.

He informs the 500,700 X followers of fictitious crypto expert DonAlt that Bitcoin has entered bear territory after losing $30,000 as support.

DonAlt claims that Bitcoin has already entered a sustained downward trend.

“The move down has been slow but very consistent, some might call this chop, but I’d call it a downtrend.

(above) $30,000 = good.

$20,000 = good.

$27,000 = might be good enough for a punt.” 

Source: DonAlt/X

The leading cryptocurrency asset, Bitcoin, has been in a downtrend since June, but the crypto expert points out that BlackRock’s application for a spot-based BTC exchange-traded fund (ETF) boosted it.

“We got rescued big time by BlackRock…

If you think their ETF will be approved soon you could bet on the same outcome. If you think it’ll get delayed or denied, you’d have to target significantly lower.” 

DonAlt is now negative on BTC but believes the bulls are still in the game, given Bitcoin’s quick rise above $30,000 in the previous 24 hours. The trader emphasizes that for Bitcoin to restore its positive momentum, the week must end above $30,000.

“BTC update:

Weekly still below resistance ($30,000).

Gotta close at least above that for me to even start thinking about allocating again.

That said, the lack of follow-through on the breakdown (for now) is the first good sign I’ve seen in weeks now.” 

Source: DonAlt/X

At the time of writing, the price of one bitcoin is $29,766.