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Top Crypto Analyst Issues Bitcoin Warning, Says BTC Looks Horrendous and Primed for New Bear Market Low

A extensively adopted crypto strategist is warning Bitcoin holders, saying BTC bears at present have the higher hand and will ship the king crypto to a contemporary bear market low.

In a brand new technique session, pseudonymous analyst DonAlt says that BTC bears are flexing their muscle groups after stopping Bitcoin from efficiently taking out its resistance round $17,500.

In keeping with DonAlt, Bitcoin’s failed breakout means that momentum stays on the aspect of the bears and that BTC will probably see a brand new bear market low round $15,300 this 12 months.

“Wanting on the every day, [chart] it’s horrendous. It’s a false breakout, which in a downtrend, you really don’t wish to see. That’s often the place the highest is in that case. You need to have your goal on the vary low, however on condition that the vary low is so, so weak right here, you’ll wish to mainly count on that to be ran so, should you goal [the] vary low, you really wish to goal decrease.”  

Supply: DonAlt/YouTube

In keeping with DonAlt, his bearish situation is now extra prone to unfold as BTC is at present buying and selling beneath a low timeframe help space.

“We’re on this sh**ty scenario, the place this sh**ty help at $16,800… mainly, the vary earlier than the false breakout… That has to carry. If it doesn’t maintain, you don’t actually have a lot else.”

At time of writing, Bitcoin is altering arms for $16,778, a fractional dip on the day.

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