Crypto analyst DonAlt, who made significant profits by catching the rise at the beginning of the year, warned that Bitcoin (BTC) is no longer controlled by bulls. Meanwhile, Credible Crypto, another closely followed analyst, expects the largest cryptocurrency to surge to $38,000.
Anonymous crypto analyst DonAlt stated on his personal Twitter account that Bitcoin is now in a downtrend. The analyst emphasized the potential drop to $20,000 if it loses the $30,000 support, saying:
We have transitioned from neutrality to a downtrend on larger time frames. A significant drop is inevitable until we reclaim the $30,000 level. We could potentially drop as low as $20,000.
According to DonAlt, although the $27,000 level could serve as support for Bitcoin, he prefers to wait for the price to exceed $30,000 before making any purchases. He stated:
The first sign that bulls haven’t lost control would be the price reclaiming the $30,000 level, but bulls continue to disappoint. $27,000 is a strong support, but I’m not interested in buying from here. I prefer to wait until bullish momentum is regained. Nothing has changed; we are still in a downtrend.
Crypto analyst Credible Crypto believes Bitcoin is still in an uptrend despite trading below $30,000. The analyst emphasized that Bitcoin has shown a tendency to break December support levels before igniting steep rallies since hitting the bottom at $15,000, stating, “We are repeating the same pattern of emerging from each accumulation/consolidation structure since the $15,000 low. It’s about time for the next major rally.”
Looking at the chart shared by Credible Crypto, a rally towards $38,000 is predicted for Bitcoin.