An analyst who caught the cryptocurrency rally earlier this year revealed that Bitcoin has been left behind due to BlackRock’s withdrawal from all the gains it made with its spot-based BTC exchange-traded fund application.
The Reason for the Bitcoin Decline!
In a recent strategy session, DonAlt stated that the latest Bitcoin correction, which brought BTC below $26,000, is a sign that bears have taken control of the market. The expert said the following in his statements:
Looking at the trading volume, these weekly candles can trace the entire narrative of the ETF BlackRock. There is a reason why we started rising at $16,000, and that is the explosion of FTX, resetting the price, and then we kept getting worse news and nothing happened. The price slowly rose. Now what we have is ridiculously good news for weeks to months, and the price rose and completely took it all back. This is a sign of weakness for me in terms of trading. Considering where we are trading right now, it doesn’t make sense for me to position myself in the direction of the rise. I think we are trading from levels that we should not touch again.
Possible Bitcoin Price Prediction!
According to DonAlt, if Bitcoin manages to reclaim $30,000 or drops to $18,950, the time spent on the sidelines will shorten. The analyst said the following about the matter:
So I got uncomfortable blindly bidding for support. The market is very weak for that. Now that we’ve completely traced the BlackRock ETF news, I’ll be even more defensive. The good news is that $30,000 or a complete collapse is the only way to bring me back into this.
The cryptocurrency strategist also addresses investor sentiment after the recent correction. He notes that investors are shifting to altcoins, which indicates that it is not yet time for him to return to the crypto markets. The analyst said the following about the matter:
The first thing people are interested in after a two-month consolidation going negative… is buying altcoins. Personally, I prefer to buy when people are scared and sell their alt products, not when they buy after nuclear bombs.
