What Can We Expect From Bitcoin if It Fails to Hold $70K?
A crypto strategist known as "DonAlt" has issued a cautious forecast for Bitcoin (BTC), warning that the asset's price could potentially fall.
DonAlt explained , that Bitcoin’s recent climb above $70,000 appears to be due to short-term traders hoping to profit from Trump’s potential victory.
He suggested that these traders, many of whom are likely “paper” and less committed to holding BTC for the long term, could see their positions liquidated if Bitcoin struggles to maintain its recent gains.
DonAlt stressed that these speculative traders are entering the market based on political events rather than a fundamental interest in the long-term value of Bitcoin. According to him, if Bitcoin shows signs of weakness and fails to end the week above the $70,000 level, it could trigger a wave of liquidations as these positions will be “washed away.”
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China Central Bank Official Highlights Challenges for Bitcoin and Digital Currency AdoptionHe noted that such an event would be a very bearish signal that could push Bitcoin down to the mid-$60,000s or potentially even lower, reaching the $50,000 range.
Currently, Bitcoin is trading just below the critical $70,000 threshold DonAlt mentioned. If it fails to hold the level in question, he believes it could signal the start of a larger downtrend as speculative positions are forced to close and market confidence is shaken.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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