The popular analyst who managed to predict the 2023 breakout, of course it is about DonAlt, now warns that the Bitcoin price is sending “several bearish signals”. DonaAlt states that Bitcoin looks somewhat tired and that we should watch out for further declines.
So far, however, the declines have not been too bad and Bitcoin has managed to remain relatively stable. The price is currently clocking in at $68,350.
Bitcoin price dump worries DonAlt
Bitcoin seemed to climb in recent weeks without ever seeing a price dip again. Every gentle decline was immediately bought up and the hype surrounding the Spot Bitcoin ETFs became enormous.
However, now we see the first “serious” decline and that immediately worries DonAlt.
“Since the ETF candlestick, all we’ve had is consolidation followed by a rise, then consolidation and another rise, rise, rise. This is the first time where that didn’t happen and we got dumped.
In that respect, this is a bit of a change of character,” said DonAlt.
Furthermore, the top trader indicates that he is concerned about Bitcoin’s market structure on the lower time frames. On the four-hour chart, traders appear to be using Bitcoin’s gains to dump their stacks on the buyers.
The Bitcoin bears are favorite
All in all, DonAlt sees a situation that makes him label the Bears as the favorite at this point.
“The bottom line is that you see these lows for the price. The price shoots down and then bounces up. At that point, people think the declines are over. ‘Now we just go up again’, and then dump again.
This happens over and over again and it’s not necessarily a bad thing. It’s a sign of okay, there are finally some sellers. It doesn’t necessarily mean prices will go lower, but it is the first time it has happened in this rally. It is not necessarily a bad sign.
It’s just the first time we’ve seen this since the ETF launches. Furthermore, there are concerns on the lower time frames and the higher time frames. All together that creates the opportunity to finally just short this thing,” said DonAlt.
Who is actually saying that he is short Bitcoin, or at least that is how it seems when someone says “to finally just short this thing.”
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Source: https://newsbit.nl/analist-bitcoin-geeft-meerdere-bearish-signalen/
