"This rally seems tainted" by Benzinga [Advance Cash ]

&Quot;This Rally Seems Tainted&Quot; By Benzinga

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.

Earlier this year, DonAlt presented its exit strategy, based on Bitcoin's failure to break above the $32,000 price level.

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.

Now read: Here's Why This Analyst Says A $10 Billion Market Cap For Bitcoin May Happen

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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