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At the beginning of this year, renowned crypto analyst and trader DonAlt announced his belief that the bearish trend has taken control of the largest cryptocurrency Bitcoin (BTC). He cautioned investors, stating that Bitcoin has entered the bearish zone.
3 Important Levels for Bitcoin’s Price Movement
Anonymous crypto analyst DonAlt warned investors that Bitcoin entered the bearish zone after losing the support of the $30,000 level. DonAlt, who believes that Bitcoin is currently in a stable downtrend, stated, “The downward movement has been slow but consistent, some might call it a dip, but I call it a downtrend. It would be good to surpass the $30,000 level in the short term. Staying above the $20,000 level would be beneficial in the long term. If we can stay above the $27,000 level, things could be good enough.”
The crypto analyst also highlighted that Bitcoin has been in a downtrend since June, but BlackRock’s application to the U.S. Securities and Exchange Commission (SEC) for a spot-based Bitcoin exchange-traded fund (ETF) has provided support for the crypto king.
Thanks to BlackRock, we have largely survived. If you think that ETFs will soon be approved, you can bet on the same outcome. If you think there will be delays or rejections, you need to set a significantly lower target level.
According to the Analyst, Weekly Close Should be Above $30,000
Although DonAlt claims that BTC is in a downtrend, he stated that the short-term bounce above the $30,000 level in the last 24 hours indicates that the bulls have not yet retreated. The analyst said that for Bitcoin to enter a new uptrend, it needs to close the week above $30,000:
We are still below the $30,000 resistance on the weekly timeframe. In order for me to consider a buyback trade, we need to close above this level at least. However, the fact that the downturn is not continuing is the first good sign I have seen in weeks.
