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DonAlt, a cryptocurrency analyst known for skillfully managing the rise of Bitcoin and the rest of the crypto market earlier this year, has once again caught the attention of investors. He warned that the largest cryptocurrency may be entering a brutal downward trend similar to last year’s.
Bitcoin May Be Repeating History
DonAlt, an anonymous cryptocurrency analyst who is known to have made significant gains from the recent rally in the crypto market, has warned that Bitcoin’s current price movements resemble the merciless downward trend of last year. The analyst noted that sellers take advantage of rallies fueled by positive news to sell their BTC, which consistently leads to a loss of upward momentum.
Comparing Bitcoin’s price movements to the US stock index S&P 500, DonAlt pointed out that whenever the index drops, the largest cryptocurrency also experiences a sharper decline, while Bitcoin remains stagnant when the S&P 500 rises. The analyst added that this pattern reminds him of the bear market last year, where Bitcoin and the stock index exhibited similar behavior.
Due to Bitcoin’s inability to sustain a significant upward movement, market experts like DonAlt have approached every recent rally with skepticism, which has garnered attention from investors. Whenever the BTC price rises, it quickly retreats with a larger bearish candle, confirming the experts’ doubts. This weakness in price movement continues to be discouraging for traders and investors while increasing selling pressure in the market.
According to the Analyst, Bitcoin Needs to Break $30,700 to Rise
DonAlt acknowledged that Bitcoin could still gain some momentum if it manages to surpass a certain level, pointing to $30,700. He stated that surpassing this level could be seen as a sign of strength and indicate that the current downturn is just a temporary correction. However, the largest cryptocurrency is currently far from this level, and its weak price movements are a cause for concern, according to the analyst.
As of the time of writing this article, Bitcoin is trading well below the mentioned level of $30,700, with a 1.92% decrease in the last 24 hours, at $29,215.
