Foretelling past Bitcoin (BTC) corrections, one analyst says the current rally could be the last bounce before the big crash.
DonAlt sets new lows for Bitcoin
You can reach the accurate predictions of DonAlt from this article of Kriptokoin.com. In his current analysis, he says the current BTC rally will be steps before a larger corrective move. In his new posts, the anonymous analyst said that if the bulls can’t sustain the current rise, Bitcoin will not be able to hold the $18,000 level, which is the bottom of June. DonAlt shares a level that the bulls must break to get away from it:
I don’t think support is good anymore. So basically, if you are bullish you will have to pray that this resistance ($21,000) goes away. If you’re in a downtrend, you’ve got a pretty smooth entry if you sold at resistance. I think this is the last rally we will come out of this level.
DonAlt says it’s ready for up to $15,000
The analyst, known for his accurate predictions, is waiting for a new correction in the BTC price up to $ 15,000. But despite this, he adds that the bulls have a 40% rally initiation power:
Just by looking at the daily chart, I can tell this is a long position by far. As I said, this rally is, in my view, the last position you will take from this region. So if we follow the rally fully, you should take profits… The target is quite high. If this breakout holds, you can aim for $29,000.
As you follow on Kriptokoin.com, BTC is currently trading at $ 20,400. Addresses holding 100 to 1,000 BTC also saw clear outflows throughout the week. This suggests that the whales are making a profit as prices rise. Addresses holding between 100,000 and 1 million recorded a sharp exit on 25 October. This whale category most likely represents exchange addresses.
Also, the backlog by the largest addresses became even. There has also been an increase in foreign exchange reserves in the last seven days. This indicates that many investors hold their BTC on exchanges. It’s also a sign that investors have enough confidence in the bulls.
How about Bitcoin?
It will be difficult for Bitcoin to sustain short-term bullishness without whale and institutional demand. After that, an increase in selling pressure will likely force another bearish outcome. Investors, on the other hand, should watch for the return of bullish demand from whales and institutions. This will ensure that the bullish momentum continues. DonAlt, on the other hand, expects corrective moves up to $15,000 after the current rally.
Meanwhile, it is necessary to pay attention to the statements of the Fed and the Federal Open Market Committee in the coming days. On 1-2 November, officials will make a decision on the November benchmark rate hike, which is overwhelmingly priced at 0.75%. The rate decision will be announced Wednesday, along with an accompanying statement and economic projections.
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