A crypto trader who correctly called a breakout earlier this year is imagining a scenario where he would accumulate Bitcoin (BTC) once again.
In a new video update, pseudonymous crypto analyst DonAlt tells his 53,000 YouTube subscribers that Bitcoin looks weak.
According to the analyst, the delay in the approval of spot-based Bitcoin exchange-traded funds (ETF) is something that traders already expected. However, BTC still went down when the news broke.
“The price action has been pretty bad. We’ve had a bunch of good news and very predictable bad news, and the bad news does as much if not more as the good news does. Given the predictability of the bad news, which was the delay of all the ETFs, everyone knew that that was coming…
Given that, it’s quite surprising that we had this sharp of a drop and given that that whole thing was expected… even if we had a drop, we would rebound quickly because it’s a bullshit drop because the news was known anyway… You would think that that reverses quite quickly, but so far not the case, which makes me think there’s still underlying market weakness. We have just no strength.”
Amid the struggles of Bitcoin to reignite its uptrend, DonAlt says that a steep move to the downside would make him re-enter the BTC market.
“If we get a dump this month, I would look to buy it, like a strong dump. If we just get a bleed like we have been, that’s a no for me.”
A strong liquidation event tends to flush out overleveraged traders which may set up BTC for a bounce or the continuation of the uptrend.
Bitcoin is worth $25,746 at time of writing.
Generated Image: Midjourney