Bitcoin Price Crash Warning From Crypto Expert
An analyst and crypto trader known by the moniker DonAlt has shared a bearish view on Bitcoin (BTC).
Speaking to his subscribers on the Technical Roundup YouTube channel, the expert predicted that BTC is likely to fall below the critical psychological support level of $60,000.
DonAlt said:
I think if this range (between $60,000 and $73,800) is broken to the downside, you should expect at least 120 days of downward or vertical movement.
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"The cure for the economic disease is the orange pill," declared Michael SaylorIn the worst case scenario, the analyst assumes that Bitcoin it could fall as much as 35% from its current level.
In the worst case scenario, we can see Bitcoin reaching midpoints between $44,000 and $40,000. I don't think it will go any lower. The best case scenario, if this bearish trend continues, would see a drop to $52,000 followed by vertical price action.
The analyst further noted that a weekly close above $63,000 would indicate a bullish setup for Bitcoin.
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$10 billion in Bitcoin and Ethereum options expire this FridayThe problem is, it's highly unlikely. In my opinion there is only about a 10% chance of this happening. So I wouldn't be too optimistic just yet.
At the time of writing, Bitcoin is trading at the $61,347 level.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
