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Although the Bitcoin price has exceeded $30,000, it seems to have marked this area as a peak for now. Volumes are weak and buyers are losing strength. What is worrying is that $ 27,600 is turning into resistance for Bitcoin. When we put all this on top of each other, the picture is not very optimistic. So has the famous analyst who managed to sell at the top started buying cryptocurrency?
Bitcoin Expert Analyst Forecasts
The popular analyst known by the pseudonym DonAlt correctly predicted this year’s peak. He was so ambitious that he even sold out of the area. In his latest market update, he says that Bitcoin may be mirroring the price action in early March this year. According to the analyst, Bitcoin set up a major bear trap when it broke the $21,000 support level on March 9, only to rally to $30,000 a few days later.
DonAlt thinks BTC could experience a similar rapid rebound after losing support at $27,200 and experiencing overselling. For now, after recovering from $25,800 levels, Bitcoin has lost $27,200 again and is trading at $27,015.
“That’s something I would look for in this kind of situation. We’re breaking support ($27,200). If we take it back, well then I think we might have a trading opportunity. I might actually be interested in buying in that scenario”.
Crypto Coins Comment
While DonAlt believes that BTC bulls still have a chance to take back control of the markets, he underlines that Bitcoin is bearish as long as it remains below $27,200. In this scenario, altcoins could be in their last days before a major sell-off. If Bitcoin starts a bigger bearish move below $27,200, panicked investors will want to reduce their risk for fear of bigger losses.
“Unless we do that, it’s just bearish. A collapse is a decline… It doesn’t make much sense to consider a breakout or a crash a failure before it actually fails… I would rather not be in the market or trading in that direction unless we regain that level because then you have proof of your strength, you have a directional bias at that point and you have a solid place to put your risk.”
