Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/analyst-predicts-bitcoin-downtrend-continuation" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Predicts Bitcoin Downtrend Continuation</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-etfs-attract-major-investments-4" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) faced a 10% plunge last week, followed by a notable rebound, triggering a warning from seasoned cryptocurrency analyst DonAlt. The expert cautioned that the bearish trend might persist during this correction phase of the leading cryptocurrency.</p>
<h2 id="is-the-danger-really-over">Is the Danger Really Over?</h2>
<p style="text-align: justify">DonAlt, renowned for his technical analyses, mentioned on his YouTube channel TechnicalRoundup that Bitcoin has exhibited a pattern of lower highs and lower lows in the weekly timeframe. This pattern suggests a negative market structure currently in place.</p>
<p style="text-align: justify">The analyst highlighted Bitcoin’s continual decline since its all-time high of around $73,800 in March. He emphasized that the $60,000 level acts as a crucial resistance point on the weekly chart. For Bitcoin to regain its upward trajectory, a sustained move beyond this level is essential. However, given the current price movements, this appears unlikely.</p>
<h2 id="will-52-000-support-hold">Will $52,000 Support Hold?</h2>
<p style="text-align: justify">Despite Bitcoin’s bleak outlook, DonAlt pointed out that the $52,000 support level, which held during the recent dip, might be a mildly positive sign. He noted that this level is not particularly strong, with a more substantial support level lying near $44,000.</p>
<p style="text-align: justify">Discussing the <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> performance of the $52,000 level, DonAlt expressed that he does not foresee a sharp drop below this point. He anticipates that Bitcoin might hover around this level for some time, though there is a risk of breaking this support if adverse macroeconomic developments arise.</p>
<h2 id="key-inferences">Key Inferences</h2>
<p style="text-align: justify">Investors can draw several practical conclusions from the current analysis:</p>
<ul>
 <li>Monitor the $60,000 resistance level as a crucial indicator for upward movement.</li>
 <li>Consider $52,000 as a temporary support, but be cautious of its strength.</li>
 <li>Be aware of the potential risk if Bitcoin falls below $44,000.</li>
 <li>Stay informed about macroeconomic factors that could impact Bitcoin’s price.</li>
</ul>
<p style="text-align: justify">In conclusion, DonAlt predicts that Bitcoin might continue to trade around the $50,000 mark given the current <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market conditions</a>. However, he urges investors to stay vigilant due to the potential risks embedded in the prevailing market structure.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/analyst-predicts-bitcoin-downtrend-continuation" data-wpel-link="internal" rel="noopener noreferrer nofollow">Analyst Predicts Bitcoin Downtrend Continuation</a></h5>

Analyst Predicts Bitcoin Downtrend Continuation

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