Trader Issues Warning On BTC ‘Explosive’ And Risky Developments
A trader, who artfully surfed the waves of the crypto rally this year, now sounds the alarm on Bitcoin’s potential for a sell-off event amidst a lengthy consolidation near the $30,000 mark.
In a new strategy session, worthy crypto analyst DonAlt imparts his sagacious insights to his devoted following of 52,100 YouTube subscribers, precautioning that Bitcoin is confronted with challenging obstacles in its severe goal of breaching a critical psychological point.
As DonAlt observes, Bitcoin’s momentum has weakened precisely as the S&P 500 faced a crucial resistance level and news emerged regarding the departure of Binance executives from the leading cryptocurrency exchange in the world. These developments unfolded during an ongoing investigation by the U.S. Department of Justice.
DonAlt Says, he has tirelessly highlighted this point for the past month, ever since the S&P 500 peaked around the $4,300 – $4,200 range. The problem is that we operated in S&P resistance, and he could notice that restricting down the traditional markets.
Also, he said. If you find yourself grappling with a significant catalyst like BlackRock’s ETF application, the potential counteraction by a risk-averse change in the S&P, coupled with mounting issues concerning Binance, the resulting impact could be both explosive and harmful.
The passage of time feels arduous, amplifying numerous unsafe elements within the market, all while the S&P is at the resistance level.
While exercising caution about BTC, DonAlt emphasizes his enduring bullish sentiment towards the reigning cryptocurrency king, asserting that any price declines would present opportunities for getting more Bitcoin.
Yet, examining the weekly chart at face value reveals a promising revolution. Thus, he wouldn’t necessarily advocate for shorting with a target of $24,000 or any specific figure. He do not align myself with that camp.
If the price falls, it would be wise to take the moment and gain more Bitcoin. Similarly, if the price waves, it’s careful to take advantage of the initial retracement. He remain firmly in the bullish camp, with a touch of caution during the $30,000 to $32,000 range.
