Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Top Analyst Says Bitcoin Bulls in ‘Dangerous’ Position, Warns BTC Flush-Out Scenario on the Table

Top Analyst Says Bitcoin Bulls in ‘Dangerous’ Position, Warns BTC Flush-Out Scenario on the Table

Daily Hodl2024/11/02 16:00
By: by Henry Kanapi
BTC+0.52%TON+0.75%

A veteran crypto strategist is issuing a dire warning on Bitcoin, saying that BTC is in danger of plummeting to the $50,000 price level.

In a new video update, pseudonymous analyst DonAlt tells his 62,500 YouTube subscribers that a Bitcoin weekly close below $70,000 opens the door for another round of cascading liquidations for BTC.

DonAlt believes that Bitcoin’s recent climb above $70,000 is driven by paper-handed traders looking to make a quick buck in the event of a Trump victory. But the analyst warns that their positions will likely be liquidated if BTC struggles to sustain its rally.

“I think there’s a lot of people that added a bunch of positions betting on Trump, and if the market moves down, I think they’re all in danger. 

I think there’s a bunch of people basically in a position that is not necessarily, ‘Hey, I want to own crypto for the sake of it.’ They want to own crypto because they think it’s going to go up because Trump is going to win.

I think that’s a dangerous position to be in, especially when I think the odds are 50/50 or maybe 55/45 for Trump to win…

There are a lot of people with positions that could easily be flushed out, so I take that signal quite seriously. If we get weakness here, if this weekly fully reverses [and] closes red, anything like that would be quite a strong signal for a downside.

And I think it wouldn’t necessarily stop in the mid-$60,000s. I think then we might go to the lower $60,000s if not into the $50,000 again.”

At time of writing, Bitcoin is trading for $69,379, slightly below the trader’s key level of $70,000.

 

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix


Featured Image: Shutterstock/NextMarsMedia/Sensvector

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.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!
Bitget Announcement2025/09/12 07:46
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
New spot margin trading pair — LINEA/USDT!
Bitget Announcement2025/09/11 10:04

Trending news

More
1
New spot margin trading pair — HOLO/USDT!
2
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

Crypto prices

More
Bitcoin
Bitcoin
BTC
$116,117.33
+1.53%
Ethereum
Ethereum
ETH
$4,638.16
+4.88%
XRP
XRP
XRP
$3.09
+2.37%
Tether USDt
Tether USDt
USDT
$1
+0.03%
Solana
Solana
SOL
$240.04
+6.28%
BNB
BNB
BNB
$923.84
+3.01%
USDC
USDC
USDC
$0.9997
-0.02%
Dogecoin
Dogecoin
DOGE
$0.2715
+8.01%
TRON
TRON
TRX
$0.3506
+1.39%
Cardano
Cardano
ADA
$0.9034
+2.43%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter