A closely-followed analyst believes he is ready to make a big move as the leading crypto asset by market cap Bitcoin (BTC) has surpassed a key psychological support area of $30,000.
In a recent strategy session, DonAlt said that fear and panic in the crypto markets could ignite a massive drop in Bitcoin or start a rally to $58,000.
“In the next month or two or three, we will either see the sudden bearish action that everyone wants, or we will see BTC approaching the range and actually start to come back to the range…”
According to the chart shared by the analyst, there are currently two scenarios for BTC. According to the analyst, the leading crypto will either reach the $14,000 support and either sign a rally or create a rally from these levels.
However, according to the crypto analyst, the current market structure of Bitcoin indicates that the bottom has been reached. However, the analyst remains wary of BTC’s strong correlation with the stock market.
“This is likely to be the end of the trend. I think we have a good chance of going up. But like I said, if this was just about cryptocurrencies, if we weren’t so correlated to other assets, I’d bet a big, big bet that this is the bottom…
I look at Bitcoin and say ‘Probably near the bottom’. And then I look at the S&P… S&P can be deleted, [BTC] It goes down to $14,000.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.