According to a top analyst, Bitcoin (BTC) bulls face even more trouble amid the sweeping crypto correction – here's his outlook
An analyst who correctly called the Bitcoin market bottom in 2022 warns that the BTC correction is probably not over yet.
Pseudonymous analyst DonAlt shares with his 529,900 followers on the social media platform
“Above the red box ($71,000-$73,000) the giga bull market continues.
Above the red line ($68,500) is a bit of a mistake.
Below the red line it is assumed that things are going down.
Now that the daily [candle] closed, technically there is a short setup for the monthly, weekly and daily time frame. The Bears have a chance, but will they take it?”
Source: DonAlt/X
Looking at the trader's chart, it seems to indicate that the next support level for Bitcoin is at $62,000.
At the time of writing, BTC is trading at $62,156, down more than 8% in the last 24 hours.
Given Bitcoin's correction, DonAlt says BTC bulls are trying to hit the bottom of this downward move, which he believes will ultimately lead to even more pain, especially for those using leverage.
“These are the bulls aggressively using leverage to try to buy the bottom while the price is trending significantly lower. Eventually they will be right, but there will be a lot of bloodshed along the way.”
Source: DonAlt/X
The top trader also warns that investors who have exposure to Bitcoin via BTC exchange-traded funds (ETFs) in the spot market may not be used to the volatility of crypto assets.
“It will be really interesting to see how the ETF people react to this downtrend. They are not used to the ups and downs that crypto has to offer.
It takes a mental illness to accept double-digit losses in one day and not lose faith. We have it, right?
Adding diamonds to stones by hand is easy and has been around for a while. It takes a lot more courage to have worthless internet money.”
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