An experienced trader remains cautiously optimistic about Bitcoin (BTC)’s bullish outlook, wary of a potential crash similar to that of November 2018.
During this month, BTC underwent an extended consolidation period, breaking below $6,000 and bottoming out near $3,000 despite initial buying enthusiasm waning.
The analyst known as “DonAlt” noted a shift in sentiment among traders after Bitcoin recently breached the psychological support level of $60,000. He recalled a similar sentiment prevailing in 2018 when BTC broke $6,000, prompting many to buy at $5,500 only to witness further significant drops.
“DonAlt” stated, “A weekly close above $52,000 will have me looking for bounce opportunities next week. Anything that doesn’t fit into these things… boring garbage, not worth watching.”
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He further indicated that Bitcoin had undergone a “massive shakeout” after failing to hold $60,000, suggesting BTC needs time and confirmation to recover. The analyst cautioned against being too aggressive in the current market conditions, emphasizing the need for patience and careful evaluation of risks and profits.
“I think being too aggressive is pointless. If we really regain composure, we have plenty of time and space to go all-in, and I’m happy to join. Here? Personally, I just can’t see the risk/reward,” he added.
