Trader Who Managed Crypto Resurgence in 2023 Issues Bitcoin Warning, Says BTC Will Witness Correction
An analyst who has masterfully ridden this year’s crypto rally is warning that a Bitcoin (BTC) correction is on the horizon.
In a new strategy session, DonAlt shares with its 50,600 YouTube subscribers that Bitcoin has broken out of a symmetrical triangle pattern on the daily chart.
According to the crypto strategist, the collapse of the triangle suggests that Bitcoin could face an extended correction period.
“If it collapses then I think you really do have a fix on your hands.”
Source: DonAlt/Twitter
DonAlt also says the correction should give BTC bulls time to accumulate the crypto king at lower prices, considering Bitcoin is up about 100% from its November 2022 bottom.
“I think we have quite a lot of time in general. I think markets in general are going to cool down, whether that’s from falling prices or sideways movement and price reduction like we’ve had.”
The crypto strategist also points out that Bitcoin is still struggling to maintain its uptrend despite favorable macro conditions.
“We had S&P strength. We had gold strength. We had banking FUD (fear, uncertainty and doubt). We had dollar weakness.
And BTC failed to go up. Why?”
At the time of writing, Bitcoin is trading at $27,731, down over 4% on the day.
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