Top Analyst Issues Bitcoin Warning, Says BTC Could Witness ‘Most Bearish’ Scenario Even if It Breaches $70,000

A broadly adopted crypto analyst warns about Bitcoin (BTC), saying it may witness a particularly bearish state of affairs even when it crosses a psychological stage.

In a brand new technique session on the TechnicalRoundup YouTube channel, pseudonymous crypto analyst DonAlt say {that a} extreme correction for the crypto king after it crosses $70,000 would exhaust all bullish momentum.

In line with the strategist, the highest crypto asset by market cap appears to be like bullish on a weekly foundation, however the scenario may change abruptly if BTC witnesses a pretend breakout.

“We made a brand new excessive final week and except Bitcoin breaks beneath $62,000, I feel I am assuming that is bullish on the weekly time-frame, and if it loses that, I feel it is hyper bearish…

[Bitcoin] may escape and nonetheless be bearish. If a breakout above $70,000 happens after which it’s instantly rejected, that may be essentially the most bearish chart you’ll be able to draw. Realistically, that may be extra bearish and would reverse the place we’re and head decrease…

Principally, you deliver all of the hype again in and then you definately dump everybody, making the graph look a lot worse than when you simply left all the things in place. [where] there’s a resistance that we’ve already examined 4 occasions or 3 times relying on the timeframe.

Bitcoin is buying and selling at $67,707 on the time of writing, up 1.18% over the previous 24 hours.

https://www.youtube.com/watch?v=LTMr8u8ESI

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