Bitcoin Could Face Downside Move, New Warning Reveals

According to the latest reports, it seems that Bitcoin could be facing a downside move. Check out the latest reports about the price of Bitcoin below.

A trader who caught the 2023 crypto rally warns that Bitcoin (BTC) could be one bad news story away from a big sell-off event.

Pseudonymous analyst DonAlt said just recently that the downside risk for Bitcoin and the rest of the crypto markets is “significantly higher” now than it was half a year ago when the markets witnessed the high-profile collapse of FTX.

“The risk of downside is significantly higher now than it was six months ago. Now that memecoins are pumping and grifters are out there scamming everyone they can there are less and less reasons to go up. Just need to find a reason to nuke.”

According to DonAlt, Bitcoin’s 100% surge from the November 2022 lows is likely just a bounce within a macro bear market.

“If you just look at this move technically:

>Nuke with zero bounces from $69,000 to $16,000

>Retrace some of that with the current move

>Not even back in the old range.

Ignoring my feelings and bullish underlying bias this is nothing more than a bear market rally.”

The macro Investor Bert Dohmen just issued a dire warning on the future of the US and global economy.

In a new interview with Stansberry Research, the founder of Dohmen Capital Research says anyone who believes the banking crisis is over is engaged in wishful thinking.

“We have three of the biggest banking failures in US history within six days and everybody’s pretending this is a one-off event that won’t happen again.”

There’s been a lot of fuss about the banking crisis during the past months and things are not looking too optimistic.