A top trader who noticed the crypto breakout earlier this year believes Bitcoin (BTC)’s 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 in support.
According to DonAlt, Bitcoin is already in a steady downward trend.
“The downward movement has been slow but very consistent. Some might call this a heel, but I would call it a downtrend.
(above) $30,000 = good.
$20,000 = good.
$27,000 = could be good enough for a punt.
The crypto strategist adds Bitcoin has been bearish since June, but he notes that BlackRock’s application for a spot-based BTC exchange-traded fund (ETF) has given major crypto assets a shot in the arm.
“We’ve been hugely saved by BlackRock…
If you think their ETF will be approved soon, you can bet on the same outcome. If you think it will be delayed or rejected, you should aim significantly lower.’
While DonAlt is currently bearish on BTC, he says Bitcoin’s brief jump above $30,000 in the past 24 hours suggests that the bulls are not out of the woods just yet. The trader emphasizes that Bitcoin must close the week above $30,000 to regain its bullish momentum.
“BTC Update:
Weekly still below resistance ($30,000).
I have to at least close up there to even think about assignment again.
That said, the lack of follow-up on the outage (for now) is the first good sign I’ve seen in weeks now.
At the time of writing, Bitcoin is trading at $29,766.
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Image generated: Midway through the journey