Analyst Sounds the Alarm on Crypto Markets: Is the Current Rally Tainted?
Popular trader DonAlt, who recently made profits from positions entered in November 2022, is sounding the alarm about the current downward trend in the crypto markets.
DonAlt has expressed concerns that the recent crypto market rally appears to be “tainted” since Bitcoin failed to break through a major resistance level.
The alt season cheering once we hit the only real BTC resistance that exists did that for me
Nothing is more accurate at timing tops, once that happens the entire context changes
I’ll flip back as fast if I see strength but for now this rally seems tainted https://t.co/uOyD4OIbkc
— DonAlt (@CryptoDonAlt) April 21, 2023
DonAlt’s earlier exit strategy was based on Bitcoin’s inability to surpass the $32,000 price level, and he believes that the current altcoin season is not sustainable.
And it’s not like I didn’t have exiting around these levels in my plans from the get go
Weakness at $32k was an exit criterion and the alt strength while BTC was barely holding on was exactly that
Outlined in January https://t.co/2hckzoI5KL
— DonAlt (@CryptoDonAlt) April 21, 2023
Additionally, DonAlt warns that Bitcoin is at risk of experiencing a significant sell-off event as it trades well below a crucial level for BTC bulls on the weekly timeframe.
READ MORE: Bitcoin’s Potential as a Safe Haven Asset: Bloomberg Analyst Shares his Perspective
As of writing, Bitcoin is trading at $28,017. In November 2022, DonAlt bought Bitcoin, Litecoin (LTC), and XRP, but he recently unloaded his crypto positions after securing substantial gains on all three cryptocurrencies during the previous bull cycle.
DonAlt’s timely exit strategy and cautious approach to trading serve as a reminder of the inherent volatility and risks associated with crypto investing.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
