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Bitcoin (BTC) experienced a 10% drop last week, followed by a significant recovery, leading to a surprising warning. Experienced cryptocurrency analyst and trader DonAlt warned that the downtrend might continue during this correction phase in the largest cryptocurrency.
Danger Not Over
Known for his technical analyses, DonAlt stated on his YouTube channel TechnicalRoundup that Bitcoin recorded a series of lower highs and lower lows on the weekly timeframe, indicating that the overall market structure is currently negative.
The analyst pointed out that Bitcoin has been consistently declining since its all-time high of approximately $73,800 in March, noting that the $60,000 level is a critical resistance point on the weekly timeframe. According to the analyst, for the largest cryptocurrency to resume its upward trend, a sustained recovery above this level is necessary, but current price movements suggest that this scenario is unlikely.
$52,000 Is an Important Support but…
DonAlt stated that Bitcoin does not look good in its current state, but the support level around $52,000, which held during this week’s decline, could be seen as a somewhat positive development. The analyst emphasized that this level is not a very strong support point and that a stronger support level lies below $44,000.
Speaking about the future performance of the $52,000 level, DonAlt expressed that he does not expect a sudden drop below this level. According to him, the largest cryptocurrency might trade around these levels for a while, but there is a risk of breaking this support level if a negative macroeconomic development occurs.
The analyst predicted that Bitcoin might continue to trade around the $50,000 level under current market conditions but stressed that investors should remain cautious. The current market structure contains potential risks that need to be closely monitored.
