A top trader who caught the crypto breakout earlier this year believes that Bitcoin’s (BTC) trend has shifted to the side of the bears.
Pseudonymous crypto analyst DonAlt tells his 500,700 X followers that Bitcoin has entered bear territory after losing $30,000 as support.
According to DonAlt, Bitcoin is already in a steady downtrend.
“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.”
The crypto strategist adds that Bitcoin has been bearish since June, but he notes that BlackRock’s application for a spot-based BTC exchange-traded fund (ETF) gave the top crypto asset a shot in the arm.
“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.”
Although DonAlt is currently bearish on BTC, he says that Bitcoin’s brief jump above $30,000 in the last 24 hours suggests that bulls are not yet out of the fight. The trader highlights that Bitcoin must close the week above $30,000 to regain its bullish momentum.
“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.”
At time of writing, Bitcoin is trading for $29,766.
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