Cryptocurrency markets have gained significant momentum recently and managed to attract the attention of investors and analysts. During this period, leading cryptocurrencies such as Bitcoin (BTC) achieved remarkable rallies and reached historical highs. However, after these rapid increases, uncertainty and volatility in the market have increased. In this context, successful crypto analyst DonAlt’s latest warning can be considered an important signal about the future of the market.
DonAlt warns that Bitcoin bulls have little time left to prevent a potential disaster scenario. The point that the analyst draws attention to is that Bitcoin’s monthly in the chart A strong bearish signal observed. BTC’s rejection at the $70,000 high time frame resistance stands out as a factor that adds to DonAlt’s concerns. This indicates that Bitcoin’s ongoing upward trend in recent months may be in danger.
“It needs to have a monthly close in the green, otherwise this would be a strong sell signal in the most significant high timeframe we have.
A close below $56,000 would be disastrous.
NEWS CONTINUES BELOW[Yedi] Days left, good luck bulls.”
On the other hand, DonAlt says Bitcoin bulls need to maintain support at $65,000 to end the current correction. Otherwise, DonAlt warns that BTC risks seeing prices below $60,000.
“The bulls have tried but so far have failed to make significant progress. “In my opinion, a close below $65,000 could also be a close below $60,000… Bulls and bears are fighting on the last line of defense.”
Looking at the analyst’s chart, it looks like Bitcoin has currently formed a head-and-shoulders formation; This formation is a technical pattern that can herald the beginning of a downtrend.
At the time of writing, Bitcoin is trading at $65,434.
All in all, Bitcoin’s recent rally has been an exciting time for many investors and analysts. However, uncertainties about the sustainability of this rise increase the risk perception in the market. Therefore, DonAlt’s warning is a reminder that investors should closely monitor market developments and determine appropriate strategies to manage their risks. Since cryptocurrency markets are a constantly changing and evolving field, it is important for participants to be sensitive and heed analysts’ warnings.
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