A top trader who accurately rode the crypto breakout earlier this year says Bitcoin (BTC) bulls are no longer in control of the leading digital asset.
Pseudonymous analyst DonAlt tells his 499,300 Twitter followers that he is now bearish on BTC.
According to the crypto strategist, it is now one of the possibilities for BTC correct all the way up to $20,000 after losing $30,000 in support.
“From neutral to bearish on the big time frames here. It’s officially a random market again, we expect chopping, carpet pulling and general crap at best until we get back above $30,000. Worst case scenario, I’ll see you for $20,000.
According to DonAlt, $27,000 could serve as support for Bitcoin, but he would rather to wait for BTC to get back above $30,000.
“I’m still looking at $30,000 for early signs of bulls not being neutered, but the bulls continue to disappoint. $27,000 is support, but not good enough for me to bid blindly. I’d rather wait until we get some bull momentum again. As in nothing changed, still bearish.
Meanwhile, fellow analyst Credible Crypto remains bullish on Bitcoin even as it trades below USD 30,000. The analyst says that since Bitcoin’s low last year, it has had a habit of breaking out of range support levels before erupting into steep rallies.
“We have repeated exactly the same pattern with every accumulation/consolidation structure since our bottom at $15,000. It is almost time for the next impulse.”
Looking at Credible Crypto’s chart, it appears to be predicting a Bitcoin rally towards $38,000.
At the time of writing, BTC is trading at USD 29,765.
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Image generated: Midway through the journey