As a seasoned crypto investor with battle-scarred fingers from countless market swings, I find DonAlt’s latest analysis both insightful and concerning. The swift descent of Bitcoin to near $90,000 has left me with a familiar sense of deja vu – much like the feeling you get when you’ve stepped onto an old, creaky wooden floor that always seems to give way just a little too soon.
A well-recognized crypto trader named DonAlt recently provided fresh insights on the value of Bitcoin (BTC). Currently, the primary cryptocurrency is trading at approximately $94,000 per BTC after experiencing a 14% decrease in the past three days. This significant drop in Bitcoin’s price has led to substantial liquidations within the altcoin market and sparked feelings of apprehension, confusion, and skepticism among traders.
It’s valuable to take note of the opinions or sentiments expressed by well-known and influential traders in the current cryptocurrency market, as their insights could be beneficial.
In a recent article, DonAlt explains how the steep fall in Bitcoin’s value to around $90,000 caused a large-scale selloff of altcoins, pushing their prices down to levels reminiscent of a bear market.
Bitcoin update:
— DonAlt (@CryptoDonAlt) December 20, 2024
Concurrently, this trader proposes an outlook in which it’s probable that the price of Bitcoin will fall within a band of $85,000 to $90,000. Bullish investors may endeavor to steady and elevate the price even more, suggesting a possible support area for Bitcoin.
Based on the chart provided, if the current trading range is surpassed, the next significant zone to watch out for would be approximately between $85,000 and $71,500. Notably, this region also corresponds to an unfilled gap in Bitcoin’s trading on CME.
Initially, things might seem grim, but there’s a glimmer of optimism given the proximity of the zone suggested by DonAlt. This could potentially trigger a positive market reaction. However, bearing in mind the historical volatility of the crypto market around the year-end, we may be in for an extended period of price fluctuations, similar to a roller coaster ride.
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2024-12-20 18:31