Cryptoanalyst DonAlt noted that bitcoin’s move into the area of psychological support below $30,000 could be viewed in two ways.
During the new strategy session, he said fear and panic in the cryptocurrency markets lead him to believe that bitcoin could either begin a massive surrender or launch a rally to $58,000 and leave the bears bewildered.
Over the next month or two or three, we will either see the capitulation that everyone fears, or we will see an up range move begin again.
According to the crypto analyst, the current structure of the bitcoin market tells him that the bottom is probably already felt, but he is wary of the strong correlation of BTC with the stock market.
There’s a good chance this is the end of the trend. I think we have a good chance of going up. But like I said, if it was just cryptocurrency, if we weren’t so correlated, I would make a big, big bet that this would be the bottom…
I look at it and I think, “It’s probably close to the bottom.” And then I look at the S&P… The S&P could just collapse, then BTC would fall to $14,000.