Trader Who Caught 2023 Crypto Rally Reveals New Bitcoin Outlook

A respected trader who predicted the rise of cryptocurrency earlier this year has stated that Bitcoin’s trend has shifted in favor of the bears. DonAlt, a well-known crypto analyst with over 500,700 followers, believes that the loss of $30,000 as support means that Bitcoin has entered a bearish territory. He suggests that Bitcoin is already in a consistent downward trend.

“The move down has been slow but very consistent, some might call this chop, but I’d call it a downtrend.

(above) $30,000 = good.

$20,000 = good.

$27,000 = might be good enough for a punt.”

According to a crypto strategist, Bitcoin has been experiencing a bearish trend since June. However, the strategist notes that BlackRock’s recent application for a spot-based BTC exchange-traded fund (ETF) has given the leading cryptocurrency a boost.

The strategist states that BlackRock’s approval of the ETF could lead to a positive outcome for Bitcoin. Conversely, if the ETF is delayed or denied, Bitcoin’s value could drop significantly.

Despite currently having a bearish outlook on BTC, the strategist acknowledges the recent surge in Bitcoin’s value above $30,000 as a sign that the bulls are not giving up.

However, Bitcoin must close the week above $30,000 to regain its bullish momentum. The strategist emphasizes that this is the first positive sign he has seen in weeks.

After months of decreasing their BTC stashes, BTC sharks have also begun to accumulate the flagship crypto asset, as per Santiment.

“We’ve observed that over the past month, whales have been reducing their Bitcoin holdings, but there has been an increase in swapping stablecoins for BTC.

If this trend continues, we may see a significant increase in Bitcoin prices, potentially reaching $30,000 and beyond,” states a crypto analytics firm.

Santiment also notes that Bitcoin’s address activity has reached its highest level in months, and traders have been moving BTC at a loss. These signals indicate that Bitcoin is likely to experience a short-term price boost. As of writing, Bitcoin is currently trading at $29,146, which represents a slight decrease over the past 24 hours.”