A trader who caught this year’s crypto rally says that Bitcoin’s (BTC) recent price action does not bode well for the top digital asset’s outlook.
Pseudonymous analyst DonAlt tells his 497,700 Twitter followers that he’s moving his funds to yield farming for now as he believes the crypto markets are ripe for a sell-off event.
According to the analyst, Bitcoin’s price action suggests that bad news stories are coming for BTC.
“This price action feels like we’re gonna get horrendous news in the near-mid term
Could be bullshit, could be not, but I’ve made sure I can’t get got by pretty much anything (by moving my money into Tradfi to farm yield).
Gonna be a farmer until this market improves.”
Looking at BTC’s chart, DonAlt says that Bitcoin is flashing signs of bearishness after moving below its immediate support at around $29,900.
“Now the technicals are bearish.
Still have the same gut feeling. It is what it is.
We’ll simply ignore the market until vibes improve.”
Earlier this month, DonAlt said that it’s “lights out” for Bitcoin if it loses the key psychological level of $30,000. According to DonAlt, a move below $30,000 could send Bitcoin to as low as $20,000.
With BTC now trading below the key level, the crypto strategist says that Bitcoin has until the end of the week to reclaim $30,000.
“The lights are flickering all around me.
Are they going out?
We’ll see next Sunday.”
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