A top cryptocurrency analyst and trader is expressing bearish sentiment on Bitcoin (BTC).
The analyst pseudonymously known as DonAlt tells the 60,500 subscribers of the Technical Roundup YouTube channel that Bitcoin is likely to lose a key psychological support level and crumble below $60,000.
The pseudonymous analyst and trader says,
“I think if this range [between $60,000 and $73,800] breaks to the downside you should expect… at least 120 days of down/sideways movement. That’s kind of like you have a long, long big range, starts breaking down, starts getting accepted lower.”
DonAlt says that in the worst-case scenario, Bitcoin could fall by up to 35% from the current level.
“At the worst of the worst that you can get to the downside would be like mid-$40,000s, like $44,000 to $40,000. I think that would be the worst of it…
…I think at the worst is $40,000, that’s the downside maximum I think. I don’t think it’s going to go lower. And the best case if this is all bearish I think would be $52,000 and then like sideways [price action].”
The pseudonymous analyst further says that a weekly close above the $63,000 price would constitute a bullish setup for Bitcoin.
“The problem is that’s very very unlikely to happen I think like in my mind. This [a weekly close above $63,000] has like a 10% chance of happening. So I wouldn’t be too bullish just yet.”
Bitcoin is currently trading at $61,705 at time of writing.
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The post Top Analyst Issues Warning on Bitcoin, Says BTC Faces Risk of Breaking Down – Here Are His Targets appeared first on The Daily Hodl.