Veteran Trader DonAlt Says He\'s Hesitant to Flip Bullish on Bitcoin (BTC) Just Yet

In November of 2018, BTC broke down below $6,000 after consolidating in a narrow range for over six months, and while many were eager to buy the dip, Bitcoin didn't bottom out until it nearly touched $3,000.

A veteran trader is expressing some hesitation in becoming bullish on Bitcoin (BTC) due to the potential for a drastic crash, similar to the one observed in November 2018.

During that period, BTC plummeted below the $6,000 level after consolidating within a narrow range for over six months. Many traders were eager to capitalize on the price dip; however, Bitcoin continued to decline, eventually bottoming out close to the $3,000 mark.

Pseudonymous trader DonAlt shared his perspective on the matter with his 568,000 followers on the social media platform X. According to DonAlt, traders seem overly enthusiastic in their bullish stance on BTC after the cryptocurrency broke through its psychological support at $60,000.

“I personally think people are flipping bullish here too early. I still remember when $6,000 broke and people immediately rushed in to buy $5,500. It didn’t end too well, [and] that’s why I’m gonna chill for a bit until it’s clear where this sh*t wants to go… Anyway, a weekly close above $60,000 would be giga bullish. A weekly close at $52,000 would make me wanna look for bounce plays next week. Anything that isn’t either of those is fake and… uninteresting garbage that deserves no attention.”

DonAlt highlights BTC’s “massive range breakdown” after failing to maintain the $60,000 level, indicating that Bitcoin will likely need time and confirmation to recover.

“I don’t think it makes much sense to be too aggressive. There is plenty of time and space if we actually reclaim the range to just go full retard and I’ll happily join. Here? I personally just don’t see the risk/reward.”

At the time of writing, Bitcoin is valued at $57,743, reflecting an increase of 2.35% over the past 24 hours.

The above is the detailed content of Veteran Trader DonAlt Says He\'s Hesitant to Flip Bullish on Bitcoin (BTC) Just Yet. For more information, please follow other related articles on the PHP Chinese website!