Saturday, July 20, 2024

Crypto Analyst Issues Major Warning on the Market After Bitcoin's Performance: 'This Rally Looks Tainted'


pseudonymous trader and crypto analyst No Has issued a dire warning about the crypto market as the market has started to decline.

The analyst wrote in a tweet on Friday that the Crypto market rally appears to be “tainted” with bitcoin BTC/USD Failed to cross an important resistance level.

Earlier this year, DonAlt outlined its exit strategy, which was based on the failure of bitcoin to cross the $32,000 price level.

The leading cryptocurrency is at risk of experiencing a significant selloff as it is trading well below a key level, the analyst wrote.

“A close below $29,500 this week, and I think the high of this rally, is expected at $24,000 or $20,000 if something extreme happens. A close above $30,000 this week will still look like indecision to me. $32,000 Will finish above. Feeling great,” he tweeted.

At the time of writing, bitcoin was trading at $27,595, down ten percent over the past seven days.

Meanwhile, the quantitative analyst plan b He believes that next year’s bitcoin halving could propel the cryptocurrency to new all-time highs.

PlanB tweeted on Thursday that the stock-to-flow bitcoin model predicts that bitcoin will soar by more than 1,847% from its current price of $27,316. He added that bitcoin could reach its larger goal after the halving.

now read: This Is Why This Analyst Says There Could Be a $10T Market Cap for Bitcoin

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