The analyst who correctly described the 2022 Bitcoin market bottom warns that the BTC correction may not be over yet.
The analyst goes by the pseudonym Donalt Tells His 529,900 followers on social media platform X believe that BTC bears have complete control of the market as long as Bitcoin trades below the key level.
“Above the red box ($71,000-$73,000) the giga bull continues.
Above the redline ($68,500) it's a bit of a toss-up.
Below the red line assuming down.
Now that's daily [candle] Closed, there is technically a short setup on the monthly, weekly and daily time frame. The Bears have a chance, but will they take it?
Looking at the trader's chart, it seems to indicate that the nearest support level for Bitcoin is $62,000.
At the time of writing, Bitcoin is trading at $62,156, down more than 8% in the past 24 hours.
As Bitcoin's correction continues, Donalt says Bitcoin bulls are trying to catch the bottom of this bearish move, which he believes will ultimately lead to more pain, especially for those using leverage.
“This is the bulls trying to aggressively buy the 'bottom' using leverage while the price is clearly drawn to the bottom. At some point they will be right but there is a lot of bloodshed along the way.”
Top trader too Warn Investors exposed to Bitcoin through exchange-traded funds (ETFs) in the spot market may not be used to the volatile nature of cryptocurrency assets.
“It will be really interesting to see how ETF members react to this bearish move. They are not used to the pros and cons that cryptocurrencies offer.
It takes mental illness to take double losses in one day and not lose confidence. We have that, do they…?
Diamonds are easy to hand throw, they've been around for a while. Keeping worthless internet money takes more balls.
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