A widely followed crypto strategist is warning Bitcoin holders, saying BTC bears currently have the upper hand and could send the crypto king into a fresh bear market.
In a new strategy session, pseudonymous analyst DonAlt says that BTC bears are flexing their muscles after preventing Bitcoin from successfully breaking out of its resistance around $17,500.
According to DonAlt, Bitcoin’s failed breakout suggests that momentum remains on the side of the bears and that BTC will likely see a new bear market around $15,300 this year.
“Looking at the day to day, [chart] it’s horrible It’s a false breakout, which in a downtrend, you don’t really want to see. This is usually where the top is in this case. You have to have your aim on the low level, but since the range is so low here, so weak, you basically want to expect it to run like this, if you target. [the] low range, you really want to aim lower.”
According to DonAlt, its bearish scenario is now more likely to play out as BTC is currently trading below a low time frame support area.
“We’re in this crappy situation where that crappy support at $16,800…basically the range before the false breakout…That’s got to hold. If it doesn’t hold, you really don’t have much left.” .
At the time of writing, Bitcoin is changing hands at $16,778, a fractional drop for the day.
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