Widely followed cryptocurrency analyst warns about Bitcoin (BTC), says even if Bitcoin (BTC) surges above psychological levels, we could witness a very bearish scenario is emitting.
In a new strategy session on the TechnicalRoundup YouTube channel, crypto analyst DonAlt says that a severe correction after the crypto tycoon breaks above $70,000 will destroy all bullish momentum.
According to the strategist, the top crypto asset by market capitalization is bullish on a weekly basis, but things could change quickly if Bitcoin witnesses a false breakout.
“We hit a new all-time high at the close last week, but unless Bitcoin falls below $62,000, I think it will be bullish on a weekly basis, but I think it will be very bearish if it loses that…
(Bitcoin) could still be bearish even if it breaks out. If a breakout above $70,000 occurs and is immediately rejected, that will be the most bearish chart you can draw. Realistically, it’s more bearish and will likely reverse and fall from where it is now…
Basically just undo all the hype and then blame everyone. That will make your chart look much worse than leaving everything with resistance that you have already tested 4 or 3 times. It depends on the time frame. ”
At the time of writing, Bitcoin was trading at $67,707, up 1.18% in the past 24 hours.
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