DonAlt, a pseudonymous analyst, claims in a new strategy session that bears have gained control of Bitcoin after bulls failed to push the price higher despite considerable purchases from MicroStrategy's Michael Saylor and Terra (LUNA) creator Do Kwon.
I believe the presumption must be that this is bearish and that it will fall since we have got a lot of good news. We had a number of altcoins [go up], which is very intriguing because this tends to happen all the time when we get these breakouts where people get excited and start purchasing altcoins instead of bitcoin.
Then we had Saylor purchase and Do Kwon buy with a bunch of good news, and prices fell."
Bitcoin's rejection at $45,000, according to DonAlt, is a significant warning light for bulls. The failed breakthrough, according to the crypto expert, is similar to Bitcoin's market structure in November, when BTC rose close to $70,000 and broke clear of its previous all-time high, only to begin a multi-month downturn.
"We went up to $70,000, swung back down, and didn't hold $60,000, which was bearish." It was plainly bearish, and it's the same setup again, albeit on a lesser period because it's on the daily rather than the weekly, but it's the same setup.
You should be bearish from a technical standpoint. Your invalidation is in the $47,000 level, and your objective should be in the $33,000 range."
At the time of writing, one Bitcoin is worth $42,400.