Market analyst and trader expresses a bearish outlook on Bitcoin (BTC), amid a recent correction which has seen its flagship cryptocurrency asset drop by 10% within a week.
DonAlt, an analyst who goes by the pseudonym DonAlt, tells the 61.800 subscribers to the TechnicalRoundup channel on YouTube that Bitcoin is bearish. It has recorded a series lower highs as well as lower lows in the weekly timeframe since it reached its highest point of $73,800 around March.
The weekly timeframe is currently bearish. It will continue to be bearish until we recover $60,000…
“I think $60,000. is the new line.”
Analysts say that although Bitcoin’s price is currently “not too promising”, the fact that it has held at $52,000 after the recent dip, is a good sign.
I think we did well this time. The support here is not great – it’s better down below [around $44,000]. But we did hit it. It was a huge washout, which I think we did not get enough of during the previous dip, which happened in early July. That’s bullish.
DonAlt comments on whether or not the support level of $52,000 will continue to be maintained in future.
“I would be shocked if we started going straight down in the next few days [below $52,000]. The lows can be easily tested again, but I believe that we will likely trade around the $50,000s. If macroland doesn’t experience a catastrophe .”
Bitcoin currently trades at $57,526 as of the time this article was written.
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As new information becomes available, this post Bitcoin to Remain Bearish until Major “Line in the Sand” Is Reclaimed by Top Analyst: Here are His Targets could be updated.
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