Crypto Analyst Issues Major Warning On Market, Following Bitcoin's Performance: 'This Rally Seems Tainted'

Pseudonymous trader and crypto analyst DonAlt has issued a stern warning about the crypto market as the market begins to trend downward. 

In a tweet on Friday, the analyst wrote that the crypto market rally appears to have been "tainted" with Bitcoin BTC/USD failing to overcome a significant resistance level.

The alt season cheering once we hit the only real BTC resistance that exists did that for me

Nothing is more accurate at timing tops, once that happens the entire context changes

I’ll flip back as fast if I see strength but for now this rally seems tainted https://t.co/uOyD4OIbkc

— DonAlt (@CryptoDonAlt) April 21, 2023

Earlier this year, DonAlt outlined his exit strategy, which was based on Bitcoin's failure to break past the $32,000 price level.

And it’s not like I didn’t have exiting around these levels in my plans from the get go

Weakness at $32k was an exit criterion and the alt strength while BTC was barely holding on was exactly that

Outlined in January https://t.co/2hckzoI5KL

— DonAlt (@CryptoDonAlt) April 21, 2023

The analyst wrote that the leading cryptocurrency is at risk of experiencing a big sell-off since it has traded far below a key level.

"A close below $29,500 this week, and I'll assume the high of this rally is in, expecting $24,000 or even $20,000 if something extreme happens. A close above $30,000 this week would still look like indecision to me. A close above $32,000 would look quite good," he tweeted. 

At the time of writing, Bitcoin was trading at $27,595, down by ten percent in the last seven days. 

Meanwhile, quantitative analyst PlanB believes that next year's Bitcoin halving could send the cryptocurrency to new all-time highs.

PlanB tweeted on Thursday that the stock-to-flow Bitcoin model predicts that Bitcoin will soar more than 1,847% from its current value of $27,316. He added that Bitcoin will likely hit its massive target following its halving. 

My Jan 12 prediction is in line with S2F model:
1) ~$32K is S2F 1 standard deviation band
2) ~$60K is S2F model value and just before halvings (dark blue) BTC seems to hit S2F model values
3) $100K is the bottom of my 100K-1M range around $532K S2F model value after 2024 halving https://t.co/V74Y8VYCVo pic.twitter.com/EVqO6jWH6X

— PlanB (@100trillionUSD) April 20, 2023

Now Read: Here's Why This Analyst Says A $10T Market Cap For Bitcoin Can Happen

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