Prominent Trader Identifies Potential BTC Accumulation Opportunity Amidst Underlying Bitcoin Weakness – Insights Revealed
A crypto trader, known for accurately predicting an earlier breakout this year, envisions a situation where he considers accumulating Bitcoin (BTC) once more.
"Pseudonymous Crypto Analyst DonAlt Highlights Bitcoin Weakness in Video Update"
In a recent video shared with his 53,000 YouTube subscribers, pseudonymous crypto analyst DonAlt discusses Bitcoin's current weak outlook. Despite expectations of the delay in spot-based Bitcoin exchange-traded fund (ETF) approvals, BTC experienced a drop in value.
DonAlt points out, "Despite predictable bad news, such as ETF delays, causing price action decline, the unexpected sharp drop and its sustained impact suggests underlying market weakness."
Considering Bitcoin's ongoing struggle to regain upward momentum, DonAlt suggests re-entering the market on a significant downward move.
"If we witness a substantial dump this month, I'd consider buying in. A mere bleed wouldn't attract my interest."
A considerable liquidation event often clears overleveraged traders, potentially positioning BTC for a rebound or continued uptrend.
As of the time of writing, Bitcoin trades at $25,746.
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Sep 05, 2023
