A prominent crypto analyst claims that Bitcoin (BTC) price action reflects the November 2021 market peak and is poised for another major correction.
Successful analyst says Bitcoin market correction is imminent
According to crypto analyst nicknamed DonAlt, known for his accurate predictions, MicroStrategy’s Michael Saylor and Terra (LUNA) founder Do Kwon are bulls despite significant buys failed to push the market higher. To recall, MicroStrategy CEO Michael Saylor said that his firm had to borrow money from a bank to finance its latest Bitcoin purchase, as financial markets were not yet ready to invest in BTC-backed bonds. According to DonAlt, corporate additional purchases are in one direction, repeating a trend observed earlier in the market:
We have a lot of great news, so I believe the assumption that it will cause a bearish trend. People got excited and started buying alternatives to Bitcoin and Ethereum (ETH) when we had these breakouts, and it seems like this every time. As a result of the great news about Saylor’s acquisition and Do Kwon’s acquisition, the stock’s price dropped.
DonAlt sees an important warning signal for bullish traders at $45,000
The failing breakthrough is similar to the market structure of Bitcoin in November when BTC rallied close to $70,000 and broke its previous all-time high and started a decline for only a few months:
We bounced up to $70,000 and then swayed down and failed to hold at $60,000. Despite being on a smaller timeframe, it’s still bearish even if it’s on a daily rather than weekly timeframe. If you ask me, you should be in a downtrend. Your override must be $47,000 and your goal must be $33,000. A recent Santiment report, which we cite as
Kriptokoin.com, indicated that a major “mid-halving” event will take place on April 11 last week. The analytics firm says that because the number of addresses is around 900,000, whales collect BTC, and the Bitcoin cycle will be different this time, as investors are more mature.
14009
