Top Analyst Says Bitcoin Bulls in ‘Dangerous’ Position, Warns BTC Flush-Out Scenario on the Table

A veteran crypto strategist points a dire warning about Bitcoin, saying BTC is in peril of plummeting to the $50,000 worth stage.

In a brand new video replace, pseudonymous analyst DonAlt tells his 62,500 YouTube subscribers {that a} weekly Bitcoin shut under $70,000 opens the door to a different spherical of sequential liquidations for BTC.

DonAlt believes that Bitcoin’s current surge above $70,000 is pushed by paper merchants trying to make a fast buck within the occasion of a Trump victory. However the analyst warns that their positions will doubtless be liquidated if BTC struggles to proceed its rally.

“I feel there are lots of people who’ve added some positions by betting on Trump, and if the market goes down, I feel they’re all in peril.

I feel there are a selection of people who find themselves really able that is not essentially, “Hey, I need to personal crypto for the sake of it.” They need to personal crypto as a result of they assume it’s going to rise as a result of Trump will win.

I feel it is a harmful place, particularly once I assume the probabilities are 50/50 or possibly 55/45 that Trump wins…

There are lots of people in positions that would simply be flushed out, so I take that sign very severely. If we get weak point right here, if this fully reverses on a weekly foundation [and] shut purple, one thing like that may be a fairly robust sign for a downtrend.

And I do not assume it is essentially going to cease within the mid-$60,000s. I feel we may go to the decrease $60,000s then, if we do not return to $50,000.”

On the time of writing, Bitcoin is buying and selling at $69,379, barely under the dealer’s key stage of $70,000.

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