A top cryptocurrency analyst and trader expressed a bearish sentiment towards Bitcoin (BTC). The analyst, who goes by the pseudonym DonAlt, told the 60,500 subscribers of the Technical Roundup YouTube channel that Bitcoin is likely to lose a key psychological support level and crash below $60,000.
DonAlt, who is both an analyst and trader, said, “I think if this range (between $60,000 and $73,800) breaks, you should expect at least 120 days of downside/flat movement. It’s kind of like you have a very long, extended range, it starts breaking down, it starts being accepted lower.”
In the worst-case scenario, Bitcoin could drop 35% from its current level, according to DonAlt. “In the worst-case scenario, the downside you can get is around $40,000, around $44,000 to $40,000. I think that would be the worst-case… I think the worst-case is $40,000, that’s the maximum downside I think. I don’t think it’s going to go lower. If everything is bearish, I think the best-case is $52,000, and then something like sideways.”
DonAlt further stated that a weekly close above $63,000 would constitute a bull market for Bitcoin. “The problem is, I don’t think that’s very likely to happen. The probability of that happening is about 10%. So I’m not too optimistic right now.”
At the time of writing, Bitcoin’s current trading price is $61,705.