A top cryptocurrency analyst and trader is warning that Bitcoin (BTC) may plummet if it loses one key level to the downside.
The analyst pseudonymously known as DonAlt tells the 65,100 subscribers of the Technical Roundup YouTube channel that Bitcoin could correct more than 13% from its current value.
However, he warns if Bitcoin cannot hold $80,000 as support, a bearish trend may persist.
“It would be good if [Bitcoin] held $95,000. If not, and if all of this breaks down, you’re basically out of luck in terms of support. And then you have to look in here for new structure to be built. I hope it wouldn’t go below $80,000, that starts looking really bad.”
He also says Bitcoin may reignite a bull rally if it can regain $98,000 as support on the weekly chart.
“It’s going to be an interesting weekly close. If we reverse this candle and close above $98,000, I think that’s hilariously bullish at that point. That’s like a really good setup. Stop below the low and target new highs.
If we close below it, right below this box ($98,000), it starts looking a little bit worse. There’s really no support. When you go up like this in a straight line that’s nice and that’s good, but when you go back down, there’s no support that you can bid, which makes this all a little bit more difficult. But that doesn’t mean there’s no support. It just means it’s more difficult to find the area where it’s going to stop dumping.”
Bitcoin is trading for $92,483 at time of writing, down 2.5% in the last 24 hours.
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