The pseudonymous analyst and trader outlines a critical support level which could alter his bullish hypothesis for Bitcoin (BTC).
DonAlt, a trader/analyst who goes by the pseudonym DonAlt on YouTube tells his 67,000 YouTube subscribers that Bitcoin “is still hilariously bullish.”
DonAlt says, however, that a drop of around 9% in the price of Bitcoin from its current level could invalidate the bullish argument for Bitcoin.
You don’t necessarily want to lose $108,000. It’s the first sign of something being wrong.
However, I am not worried yet. If we fail to break out [$108,000], I’ll be extremely worried. Then I will see if my position changes. You can barely notice this move back until that time. This is not even an adjustment on a weekly basis. It’s almost like a consolidation .”
The pseudonymous investor said that one of the risks Bitcoin faces is when corporations purchase the cryptocurrency king to add BTC to their bank accounts.
If they stop buying, the Ponzi scheme will be over. That’s not good, is it? Then I believe that we would be wiped out. That’s the danger.
It’s always been riskier, but I don’t think that’s true. The reward you receive if you are right, and you have a bullish outlook is what balances out the risk. Don’t misunderstand me, I do think we are in a very dangerous situation. The hold gets more difficult, .”
Bitcoin has risen by 13% in the last 30 days to $118,090.
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Sources of Images include Pixabay Creative Commons & Midjourney
This article Trader Says Bitcoin Looks Still Bullish and Warns he Would be ‘Very Worried’ If This BTC Level Crashes may change as new developments unfold.
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