Trader Issues Urgent Bitcoin Alert, Says BTC Will Start ‘Looking Really Bad’ if Critical Support Level Crumbles

A top cryptocurrency analyst and trader is warning that Bitcoin (BTC) may plummet if it loses one key level to the downside.

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The analyst pseudonymously known as DonAlt tells the 65,100 subscribers of the Technical Roundup YouTube channel that Bitcoin could correct more than 13% from its current value.

However, he warns if Bitcoin cannot hold $80,000 as support, a bearish trend may persist.

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“It would be good if [Bitcoin] held $95,000. If not, and if all of this breaks down, you’re basically out of luck in terms of support. And then you have to look in here for new structure to be built. I hope it wouldn’t go below $80,000, that starts looking really bad.”

He also says Bitcoin may reignite a bull rally if it can regain $98,000 as support on the weekly chart.

“It’s going to be an interesting weekly close. If we reverse this candle and close above $98,000, I think that’s hilariously bullish at that point. That’s like a really good setup. Stop below the low and target new highs.

If we close below it, right below this box ($98,000), it starts looking a little bit worse. There’s really no support. When you go up like this in a straight line that’s nice and that’s good, but when you go back down, there’s no support that you can bid, which makes this all a little bit more difficult. But that doesn’t mean there’s no support. It just means it’s more difficult to find the area where it’s going to stop dumping.”

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Bitcoin is trading for $92,483 at time of writing, down 2.5% in the last 24 hours.

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