‘This Rally Seems Tainted’ By Benzinga


Benzinga – Pseudonymous trader and crypto analyst DonAlt has issued a stern warning about the crypto market as the market begins to trend downward.

In a tweet on Friday, the analyst wrote that the crypto market rally appears to have been “tainted” with Bitcoin (CRYPTO: BTC) failing to overcome a significant resistance level.

Earlier this year, DonAlt outlined his exit strategy, which was based on Bitcoin’s failure to break past the $32,000 price level.

The analyst wrote that the leading cryptocurrency is at risk of experiencing a big sell-off since it has traded far below a key level.

“A close below $29,500 this week, and I’ll assume the high of this rally is in, expecting $24,000 or even $20,000 if something extreme happens. A close above $30,000 this week would still look like indecision to me. A close above $32,000 would look quite good,” he tweeted.

At the time of writing, Bitcoin was trading at $27,595, down by ten percent in the last seven days.

Meanwhile, quantitative analyst PlanB believes that next year’s Bitcoin halving could send the cryptocurrency to new all-time highs.

PlanB tweeted on Thursday that the stock-to-flow Bitcoin model predicts that Bitcoin will soar more than 1,847% from its current value of $27,316. He added that Bitcoin will likely hit its massive target following its halving.

Now Read: Here’s Why This Analyst Says A $10T Market Cap For Bitcoin Can Happen

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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