Analysts who correctly determined Bitcoin's 2022 market bottom are warning that Bitcoin's correction is likely not over yet.
Pseudonym analyst DonAlt To tell His 529,900 followers on social media platform X believe that Bitcoin bears are in complete control of the market as long as Bitcoin trades below key levels.
“The gigables above the red box ($71,000-$73,000) continue.
Once you get past the red line ($68,500), you're a little lost.
Below the red line that is assumed to be below.
now every day [candle] Although it is closed, it technically has shorter settings with monthly, weekly, and daily time frames. The Bears have a chance, but can they seize it? ”
Looking at the trader's chart, he seems to be suggesting that Bitcoin's closest support level is $62,000.
At the time of this writing, BTC is trading at $62,156, down over 8% in the past 24 hours.
Don Alto said that with Bitcoin's correction underway, BTC bulls are trying to grab the bottom of this downside move, but it will ultimately lead to more pain, especially for those using leverage. He said he was thinking of becoming deaf.
“This means that the bulls are leveraging and aggressively trying to buy the ‘bottom’ as prices clearly fall.At some point they will be right, but there will be a lot of bloodshed in the process. will happen.”
top traders too Warning Investors exposed to Bitcoin through spot market BTC exchange-traded funds (ETFs) may be unfamiliar with the volatile nature of the crypto asset.
“It will be very interesting to see how ETF people react to this decline. They are not used to the good and bad that cryptocurrencies bring.
Despite suffering from mental illness, he never loses his faith even when he suffers double-digit losses in a single day. We have that, don’t we…?
Turning a hand stonk into a diamond is easy. They've been around for a while. It takes a lot more balls to hold money on the internet that has no value. ”
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