A widely followed crypto strategist is warning Bitcoin holders, saying BTC bears currently have the upper hand and could send the king crypto to a fresh bear market low.
In a new strategy session, pseudonymous analyst DonAlt says that BTC bears are flexing their muscles after preventing Bitcoin from successfully taking out its resistance around $17,500.
According to DonAlt, Bitcoin’s failed breakout suggests that momentum remains on the side of the bears and that BTC will likely see a new bear market low around $15,300 this year.
“Looking at the daily, [chart] it’s horrendous. It’s a false breakout, which in a downtrend, you actually don’t want to see. That’s usually where the top is in that case. You have to have your target at the range low, but given that the range low is so, so weak here, you would want to basically expect that to be ran so, if you target [the] range low, you actually want to target lower.”
According to DonAlt, his bearish scenario is now more likely to unfold as BTC is currently trading below a low timeframe support area.
“We’re in this sh**ty situation, where this sh**ty support at $16,800… basically, the range before the false breakout… That has to hold. If it doesn’t hold, you don’t really have much else.”
At time of writing, Bitcoin is changing hands for $16,778, a fractional dip on the day.
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The post Top Crypto Analyst Issues Bitcoin Warning, Says BTC Looks Horrendous and Primed for New Bear Market Low appeared first on The Daily Hodl.
