Top Trader Issues Bitcoin Warning, Says BTC Is Just Too Weak After Full Tracing BlackRock ETF News
A trader who witnessed the crypto rally earlier this year says he remains on the sidelines after Bitcoin gave up any gains made by BlackRock’s application for a spot-based BTC exchange fund.
In a new strategy session, DonAlt tells its 52,900 YouTube subscribers that the recent bitcoin correction, which pushed BTC below $26,000, is a sign that the bears have taken control of the market.
“As I look at this weekly candle from a trading perspective, we have retraced the entire history of the BlackRock ETF.
There is a reason I was bullish at $16,000 and the reason is that FTX exploded, the price exploded and then we kept getting bad news and nothing happened. Price just went up slowly.
What we have now is that over the past few weeks to months we have had incredibly good news, the price has gone up and it has fully recovered. And that, to me, is a sign of weakness from a trading perspective. It doesn’t really make much sense to be bullish given where we’re trading right now. We are trading again at levels that I believe we should not have reached again.”
According to DonAlt, if Bitcoin manages to reclaim $30,000 or break as low as $18,950, its time on the sidelines will be shortened.
“That’s why I felt uncomfortable offering the support blindly. The market is just too weak for that. Now that we’ve fully tracked BlackRock ETF news, I’ll be even more defensive. Good news, over $30,000 or a complete meltdown is the only way I can get myself back into this situation.”
Source: DonAlt/X
The crypto strategist also examines trader sentiment following the recent correction. He notes that traders appear bullish on altcoins, which tells him it’s not time to get back into crypto markets just yet.
“[The] The first thing people seem interested in after a two-month down consolidation has broken off is… buying altcoins. Personally, I’d rather buy when people are terrified and selling their post-nuclear alternatives than when they’re buying.”
At the time of writing, Bitcoin is trading at $25,945.
I
Don’t miss a thing – Subscribe to receive email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check out the latest headlines
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
Image generated: Midjourney
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.