- An analyst sees Bitcoin’s decline due to its correction and the impact of BlackRock’s ETF news.
- The analyst believes Bitcoin is weak due to low transaction volume and negative news, but would reconsider if it regains $30,000 or crashes further.
- According to the expert, investors turning to altcoins indicates that the crypto markets are not yet stable.
An analyst who caught the crypto rally earlier this year has stepped aside as Bitcoin has relinquished all gains it made with BlackRock’s application for a spot-based BTC exchange-traded fund.
Reason for Bitcoin’s Decline!
In a new strategy session, DonAlt stated that the latest Bitcoin correction, which brought BTC below $26,000, is a sign that bears have taken control of the market. He further explained that the weekly candles in terms of transaction volume could trace the entire narrative of the ETF BlackRock. He had a reason to turn bullish at $16,000, and that was due to FTX’s explosion, price resetting, and then we received more and more bad news and nothing happened. The price gradually rose. Now what we have is that we received stupidly good news for the last few weeks to months and the price rose and it took it all back. This is a sign of weakness for him in terms of trading. Considering where we are trading now, it doesn’t make much sense for him to position himself in the bullish direction. He believes we are trading from levels that we should not touch again.
Possible Price Prediction for Bitcoin!
According to DonAlt, the time he will spend on the sidelines will shorten if Bitcoin manages to regain $30,000 or falls to as low as $18,950. He expressed his discomfort with blindly bidding for support. The market is too weak for this. Now that we have completely traced the BlackRock ETF news, he will be even more defensive. The good news, $30,000 or a complete crash, is the only way to get him back into this business.
Investor Sentiment in the Crypto Market!
The crypto strategist also addresses investor sentiment following the latest correction. He notes that investors are turning bullish on altcoins, which tells him that it is not yet time to return to the crypto markets. Personally, he prefers to buy when people are scared and not when they are buying, and to sell his sub-products after nuclear bombs, not when they are buying.
Conclusion
Overall, the analyst’s views suggest caution in the current crypto market, with Bitcoin showing signs of weakness and investors turning to altcoins. It remains to be seen whether Bitcoin can regain its strength and return to its previous highs.
