Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-warns-of-potential-bitcoin-downtrend/" data-wpel-link="internal">Analyst Warns of Potential Bitcoin Downtrend</a> 
<a href="https://en.coin-turk.com/grayscales-impact-on-bitcoin-market-with-potential-sale/" data-wpel-link="internal">Bitcoin</a> (BTC) experienced a 10% drop last week, followed by a significant recovery, leading to a surprising warning. Experienced cryptocurrency analyst and trader DonAlt warned that the downtrend might continue during this correction phase in the largest cryptocurrency. 
<h2 style="text-align: justify" id="strong-danger-not-over-strong">Danger Not Over</h2> 
Known for his technical analyses, DonAlt stated on his YouTube channel TechnicalRoundup that Bitcoin recorded a series of lower highs and lower lows on the weekly timeframe, indicating that the overall market structure is currently negative. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-378296" src="https://coin-turk.com/wp-content/uploads/2024/08/Bitcoin-Analiz-Yorum.png" alt="" width="3358" height="1726"> 
The analyst pointed out that Bitcoin has been consistently declining since its all-time high of approximately $73,800 in March, noting that the $60,000 level is a critical resistance point on the weekly timeframe. According to the analyst, for the largest cryptocurrency to resume its upward trend, a sustained recovery above this level is necessary, but current price movements suggest that this scenario is unlikely. 
<h2 style="text-align: justify" id="strong-52-000-is-an-important-support-but-strong">$52,000 Is an Important Support but…</h2> 
DonAlt stated that Bitcoin does not look good in its current state, but the support level around $52,000, which held during this week’s decline, could be seen as a somewhat positive development. The analyst emphasized that this level is not a very strong support point and that a stronger support level lies below $44,000. 
Speaking about the <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener" data-wpel-link="exclude">future</a> performance of the $52,000 level, DonAlt expressed that he does not expect a sudden drop below this level. According to him, the largest cryptocurrency might trade around these levels for a while, but there is a risk of breaking this support level if a negative macroeconomic development occurs. 
The analyst predicted that Bitcoin might continue to trade around the $50,000 level under current <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market conditions</a> but stressed that investors should remain cautious. The current market structure contains potential risks that need to be closely monitored. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-warns-of-potential-bitcoin-downtrend/" data-wpel-link="internal">Analyst Warns of Potential Bitcoin Downtrend</a></h5>
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Analyst Warns of Potential Bitcoin Downtrend

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