Bitcoin (BTC) Market Analyst DonAlt Expresses Bearish Sentiment as BTC Price Corrects 10% in a Week

The analyst pseudonymously known as DonAlt tells 61800 subscribers of the TechnicalRoundup YouTube channel that Bitcoin appears bearish

A bear market analyst and trader is expressing bearish sentiment on Bitcoin (BTC) amid a correction that has seen the flagship crypto asset fall by about 10% in a week.

The analyst, known under the pseudonym DonAlt, told 61,800 subscribers to the TechnicalRoundup YouTube channel that Bitcoin appears bearish after setting a series of lower highs and lower lows on the weekly time frame since hitting its all-time high. record of about $73,800 in March.

“The weekly time frame is currently bearish. And it will stay bearish unless we reclaim $60,000…

I think $60,000 is now the line in the sand.”

The analyst says that even though Bitcoin “doesn't look too good” right now, the fact that the support level around the $52,000 price held after this week's dip is a somewhat positive sign.

“We hit support this time, in my opinion. It's not the best - the really good support is down here [at below $44,000]. But we did hit it. We had a massive, massive washout which, in my opinion, we didn't really get too much of on the last dip [in early July], which is bullish, right?”

Regarding whether the $52,000 support level is likely to hold going forward, DonAlt says,

“If we start going down [below $52,000] directly in the next few days… I would be surprised. We can easily retest the lows, but I think there's a good chance the $50,000s are going to be where we're trading around. Unless something catastrophic happens in the macro world.”

Bitcoin is trading at $57,526 at the last check.

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