A pseudonymous trader and analyst is outlining a key support level that could change his bullish thesis for Bitcoin (BTC).
The trader and analyst pseudonymously known as DonAlt tells 67,000 subscribers of the TechnicalRoundup YouTube channel that Bitcoin is “still hilariously bullish.”
DonAlt, however, says that the bullish case for Bitcoin could be invalidated if the crypto king falls by around 9% from the current level.
“You just don’t want to necessarily lose $108,000. I think that’s like the first warning sign that something is wrong…
But I’m not too worried just yet. I will be very, very worried if we lose this breakout [$108,000]. And then I’ll I’ll see if I change my positioning. But until then, you can barely see this pullback. It’s not even a pullback on the weekly time frame. There’s literally just like a consolidation.”
According to the pseudonymous trader, one of the risk factors that Bitcoin faces comes from corporations purchasing the crypto king for the purpose of adding BTC to their treasuries.
“If they’re done and they cannot buy anymore, that would be the end of the Ponzi, which would not be great, right. Because then I think that would basically nuke us. So that’s the risk.
I think it’s a real risk and it’s never been riskier in that regard. It’s just basically the reward that you get if you’re right and bullish, kind of equals that out. But it is, don’t get me wrong, like I think it’s a dangerous spot that we’re in. It gets harder and harder to hold, basically.”
Bitcoin is trading at $118,090 at time of writing, up by around 13% over the past 30 days.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Trader Says Bitcoin Still Looks Bullish, Warns He Would Be ‘Very Very Worried’ if This BTC Support Level Crumbles appeared first on The Daily Hodl.
A pseudonymous trader and analyst is outlining a key support level that could change his bullish thesis for Bitcoin (BTC). The trader and analyst pseudonymously known as DonAlt tells 67,000 subscribers of the TechnicalRoundup YouTube channel that Bitcoin is “still hilariously bullish.” DonAlt, however, says that the bullish case for Bitcoin could be invalidated if
The post Trader Says Bitcoin Still Looks Bullish, Warns He Would Be ‘Very Very Worried’ if This BTC Support Level Crumbles appeared first on The Daily Hodl. Bitcoin, BTC, News
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.