Leading Analyst Warns Bitcoin Bull Run Could Be in Jeopardy, Emphasizes Possibility of BTC Price Plummet – The Daily Hodl
A veteran crypto strategist is issuing a dire warning on Bitcoin, saying that BTC is in danger of plummeting to the $50,000 price level.
In a new video update, pseudonymous analyst DonAlt tells his 62,500 YouTube subscribers that a Bitcoin weekly close below $70,000 opens the door for another round of cascading liquidations for BTC.
DonAlt believes that Bitcoin’s recent climb above $70,000 is driven by paper-handed traders looking to make a quick buck in the event of a Trump victory. But the analyst warns that their positions will likely be liquidated if BTC struggles to sustain its rally.
“I think there’s a lot of people that added a bunch of positions betting on Trump, and if the market moves down, I think they’re all in danger.
I think there’s a bunch of people basically in a position that is not necessarily, ‘Hey, I want to own crypto for the sake of it.’ They want to own crypto because they think it’s going to go up because Trump is going to win.
I think that’s a dangerous position to be in, especially when I think the odds are 50/50 or maybe 55/45 for Trump to win…
There are a lot of people with positions that could easily be flushed out, so I take that signal quite seriously. If we get weakness here, if this weekly fully reverses [and] closes red, anything like that would be quite a strong signal for a downside.
And I think it wouldn’t necessarily stop in the mid-$60,000s. I think then we might go to the lower $60,000s if not into the $50,000 again.”
At time of writing, Bitcoin is trading for $69,379, slightly below the trader’s key level of $70,000.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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