Top analyst DonAlt, who predicted Bitcoin’s 2022 market bottom, warns that the current correction is far from over.
Key Support Level
DonAlt believes Bitcoin bears have the upper hand as long as it trades below $68,500. He identifies $62,000 as the closest support level.
Bulls Trying to Catch the Bottom
Bulls are aggressively buying Bitcoin on leverage, hoping to catch the bottom. However, DonAlt warns that this strategy could lead to more pain.
ETFs and Market Volatility
DonAlt expresses concern for investors exposed to Bitcoin through ETFs, who may not be accustomed to the extreme volatility of crypto assets.
Holding Bitcoin Requires Resilience
The analyst emphasizes that holding Bitcoin requires a strong mentality, as double-digit percentage losses in a day are common.
Disclaimer:
Opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.
