An analyst who called the 2023 Bitcoin breakout is warning that the crypto bull market may witness an abrupt end if BTC fails to stay above a critical price area.
Pseudonymous analyst DonAlt tells his 66,400 YouTube subscribers that Bitcoin is at risk of repeating its 2021 bull market top, when BTC lost all momentum after failing to rally above a cycle high of about $69,000.
“We had a breakout [at $60,000 in 2021]. You really don’t want to see that breakout get stuffed. And the moment we closed below $60,000, I was like, ‘Okay, this is kind of [messed up].”
Source: DonAlt/YouTube
After Bitcoin failed to hold $60,000 in November 2021, BTC witnessed a multi-month downtrend that drove the crypto king to prices below $20,000.
Now, DonAlt is warning that Bitcoin might be in a similar position as it struggles to convincingly take out its last resistance at $110,000.
“And you can argue the same here. I don’t necessarily think $104,000 is good enough, but it would be an early warning sign if we start losing it. And then you can make the comparison easier. And then a little bit of a better warning sign, I think, is around $100,000, where we start getting into danger territory.
And then if we start dipping down there, all bets are off, and then time to run probably.”
Source: DonAlt/YouTube
At time of writing, Bitcoin is trading for $107,590.
Generated Image: Midjourney
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