2023 Crypto Breakout: Trader Turns Bearish on Bitcoin, Revealing BTC's Worst Scenario

In the 2023 crypto breakout, a prominent trader accurately predicts a shift in control over the leading digital asset, Bitcoin (BTC). Bulls no longer hold sway, as the market undergoes a transformation.

Renowned analyst DonAlt shares a bearish outlook on BTC with his 499,300 strong Twitter following. The crypto strategist suggests the possibility of BTC correcting down to $20,000 after losing its support at $30,000. On larger timeframes, the market appears uncertain, and DonAlt expects choppy conditions, rug pulls, and overall instability until BTC reclaims the $30,000 level. At the extreme, he envisions a potential downturn to $20,000.

Source: DonAlt/Twitter

As per DonAlt's analysis, Bitcoin might find support around $27,000, but he prefers waiting for BTC to reclaim the $30,000 mark before considering any bullish scenarios.

"I'm keeping a close eye on the $30,000 level to spot any signs of bullish strength, but unfortunately, the bulls have been disappointing so far. While $27,000 provides some support, I'm not inclined to make blind bids. I'd rather exercise patience and wait for a clear resurgence of bullish momentum. At the moment, my outlook remains bearish."

On the other hand, Credible Crypto, another respected analyst, maintains a bullish stance on Bitcoin despite its current trading below $30,000. According to the analyst, since Bitcoin's bottoming-out at $15,000 last year, it has consistently displayed a pattern of breaking range support levels before embarking on significant rallies.

"We've observed this repetitive pattern in every accumulation/consolidation structure since our $15,000 bottom. The next impulse seems imminent."

Source: Credible Crypto/Twitter

Based on Credible Crypto's chart analysis, a potential Bitcoin rally towards $38,000 seems likely.

As of the time of writing, BTC is currently trading at $29,765.

Aug 02, 2023

2 0