Benzinga - Pseudonymous trader and crypto analyst DonAlt issued a stern warning regarding the crypto market as the market begins to decline.
In a tweet on Friday, the analyst wrote that the The crypto market rally appears to have been “marred” with Bitcoin (CRYPTO:BTC) failing to overcome a significant resistance level.
Alternate cheering season once we hit the only real BTC resistance there was did it for me
Nothing is more accurate to sync vertices, once that happens the whole context changes
I'll be back as soon if I see strength but for now this rally looks marred https://t.co/uOyD4OIbkc
— DonAlt (@CryptoDonAlt) April 21, 2023
Earlier this year, DonAlt presented its exit strategy, based on Bitcoin's failure to break above the $32,000 price level.
And it's not like I didn't have an exit around these levels in my plans from the start.
Weakness at $32,000 was an exit yardstick and alternative strength as BTC barely held was exactly that.
Described in January https://t.co/2hckzoI5KL
— DonAlt (@CryptoDonAlt) April 21, 2023
The analyst wrote that the major cryptocurrency was at risk of a selloff as it traded well below a key level.
“A close below $29,500 this week, and I guess the top of this rally is hit, expecting $24,000 or even $20,000 if something extreme happens. A close above- above $30,000 this week would still look like indecision to me. A close above $32,000 would look pretty good," he tweeted.
At the time of writing, Bitcoin was trading at $27,595, down 10% in the past seven days.
Meanwhile, quantitative analyst Plan B believes that next year's Bitcoin halving could send the cryptocurrency to new all-time highs.
PlanB tweeted on Thursday that the Bitcoin stock-flow model predicts that Bitcoin will skyrocket over 1,847% from its current value of $27,316. He added that Bitcoin will likely hit its massive target after its halving.
My January 12 prediction conforms to the S2F model:
1) ~$32,000 is the S2F standard deviation band 1
2) ~$60,000 is the value of the S2F pattern and just before the halvings (dark blue), BTC seems to reach the values of the S2F pattern
3) $100,000 is the bottom of my 100,000 to 1M range, around the S2F model value of $532,000 after the 2024 halving https://t.co/V74Y8VYCVo pic.twitter.com /EVqO6jWH6X
— PlanB (@100trillionUSD) April 20, 2023
Now read: Here's Why This Analyst Says A $10 Billion Market Cap For Bitcoin May Happen
Photo: Shutterstock
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