Top Trader Issues Bitcoin Warning, Says BTC Is Just Too Weak After Fully Retracing BlackRock ETF News

A trader who caught the crypto rally earlier this year says that he’s staying on the sidelines now that Bitcoin has given up all its gains sparked by BlackRock’s application for a spot-based BTC exchange-traded fund.

In a new strategy session, DonAlt tells his 52,900 YouTube subscribers that the latest Bitcoin correction that drove BTC below $26,000 is a sign that the bears have taken control of the market.

“From a trading perspective, when I look at this weekly candle, we retraced the entirety of the ETF BlackRock narrative.

There’s a reason why I was bullish at $16,000, and the reason is FTX blew up, the price nuked, and then we got more and more bad news and nothing happened. Price just slowly walked up. 

Now what we have is we got stupidly good news over the last few weeks to months and the price went up and fully retraced that. And that’s a sign of weakness to me from a trading perspective. It doesn’t really make much sense to position myself bullishly given where we’re trading right now. We’re trading all the way back at the levels that we, in my opinion, shouldn’t have touched again.”

According to DonAlt, his time on the sidelines will be cut short if Bitcoin manages to reclaim $30,000 or collapses all the way down to $18,950.

“This is why I felt uncomfortable bidding the support blindly. The market is just too weak for that. Now that we’ve fully retraced the BlackRock ETF news I’ll be even more defensive Good news, $30,000+ or a full-blown collapse are the only ways to get me back in this.”

Source: DonAlt/X

The crypto strategist is also looking at trader sentiment following the most recent correction. He notes that traders appear to be bullish on altcoins, which tells him that it is not yet time to jump back into the crypto markets.

“[The] first thing people seem to be interested in doing after a consolidation of two months broke to the downside is… buying alts. I personally prefer buying when people are scared sh*tless and sell their alts after nukes not when they buy.” 

At time of writing, Bitcoin is trading for $25,945.


Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Recommended For You

About the Author: Daniel