PakGazette – The popular cryptocurrency trader known online by the nickname DonAlt shared an updated outlook on the price of (BTC). The price of the leading cryptocurrency has lost more than 14% in the last three days and is currently trading at just under $94,000 per BTC. While such poor performance by Bitcoin in recent days has led to massive sell-offs in the altcoin space, it has also brought back a sense of fear, uncertainty and doubt among market participants.
That’s why it’s worth paying attention to the sentiment of the most popular and established public traders in the cryptocurrency space right now.
For example, in his post, DonAlt discusses that the painful drop in Bitcoin price to almost $90,000 has led to a major sell-off in altcoins, sending many of them back to bearish market valuations.
At the same time, the trader offers a view where a price range between $85,000 and $90,000 per BTC is likely, where bullish investors could try to stabilize and push the price further, indicating a possible support zone for Bitcoin.
As you can see in the accompanying chart, the next major trading range, if the above is broken, will be the $85,000 to $71,500 area. Interestingly, this is also the area where the unclosed gap for Bitcoin lies in the CME.
So, at first glance, everything is pessimism. What is generating excitement is that the area outlined by DonAlt is almost there, so we can expect a bullish reaction there. However, considering the end-of-year trends in the cryptocurrency market, the roller coaster ride may last for quite some time.
