Coin World Website:
A senior trader stated that he was hesitant to be bullish on Bitcoin when considering the possibility of a similar collapse in November 2018.
In November 2018, Bitcoin fell below $6,000 after trading in a narrow range for over six months. Despite many people being eager to buy the dip, Bitcoin did not bottom out until it approached close to $3,000.
Anonymous trader DonAlt told his 568,000 followers on social media platform X that he believes traders seem too eager to be bullish on BTC after it gained psychological support at $6,000.
“I personally think people are turning towards a bull market too early. I remember when we broke $6,000, people rushed in to buy at $5,500. It didn’t end well, which is why I want to be a bit more cautious until it’s clear where this sucker wants to go… In any case, a weekly close above $60,000 will be a huge bull market. A close at $52,000 next week will make me look for bounce opportunities. Anything else is fake… and not worth paying attention to,” DonAlt said.
DonAlt stated that Bitcoin went through a “massive range breakdown” after failing to hold at $60,000, and it may need time and confirmation to recover.
“I think being too aggressive doesn’t make much sense. If we really recover into a fully lagged range, there’s enough time and space for me to join in,” he said. “I just personally don’t see the risk/reward here.”
At the time of writing, the Bitcoin trading price was $57,743, up 2.35% for the day.
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Image generated: DALLE3
