From the comment that #Bitcoin may face a sell-off event to Cardano revealing a major update to the blockchain. Here are some outstanding news in the crypto market.
A fairly famous analyst warns that Bitcoin (BTC) could face a major sell-off event.
Analyst DonAlt told his 484,400 Twitter followers that Bitcoin and the rest of the crypto market are still facing “higher” downside risk than they were half a year ago, when the market witnessed the fall of FTX.
“The risk of price decline is higher now than it was 6 months ago. Now that memecoins are pumping and scammers are lurking everywhere, there is less and less reason to have confidence in the bull market.”
According to DonAlt, #BTC has increased 100% from the bottom in November 2022 and this may just be a recovery in the macro bear market.
Although the analyst believes that Bitcoin has not yet entered bullish territory, he maintains that $16,000 is the bottom of the current bear cycle.
“The macro bottom is in and any dip to around $20,000 is a great buy.”
As for his outlook on Bitcoin, DonAlt said that the market will likely continue to get stuck and trade in a wide range between $20,000 and $30,000.
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