Bitcoin’s (BTC) price behavior, according to a well recognized crypto analyst and trader, mirrors the market high of November 2021 and is due for another deep pullback.
Bears have taken control of Bitcoin, according to pseudonymous analyst DonAlt, after bulls failed to propel the price higher despite huge purchases from MicroStrategy’s Michael Saylor and Terra (LUNA) creator Do Kwon.
“I think the assumption has to be this is bearish and this is going to go down because we had a bunch of good news. We had a bunch of altcoins [go up], which is really interesting because this seems to be the case all the time when we have these breakouts where people get excited and start buying altcoins instead of Bitcoin and ETH…
And then we had Saylor buy and Do Kwon buy with a bunch of positive news and prices went down.”
Bitcoin’s rejection at $45,000, according to DonAlt, is a significant red light for bulls. The failed breakout, according to the crypto expert, is similar of Bitcoin’s market structure in November, when BTC rose close to $70,000 and broke out of its previous all-time high before beginning a multi-month downturn.
“We swung up towards $70,000, swung back down, didn’t hold $60,000 and that was bearish. It was very clearly bearish, and it’s the same setup now where it’s obviously on the lower timeframe given it’s on the daily rather than the weekly, but it’s still the same setup.
Technically speaking, you should be bearish. Your invalidation is in the $47,000, and your target should be [the] range low which is $33,000.”
Source: DonAlt/YouTube
Bitcoin is currently trading for $42,400 at the time of writing.
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