Are Cryptos On Brink Of Collapse? Expert Warns Of Sell-Off As Bitcoin Trades Flat

Pseudonymous crypto expert DonAlt has expressed concerns over the current state of the cryptocurrency market, highlighting its apparent lack of strength.

"It’s quite surprising that we had this sharp of a drop," DonAlt said in a video shared by The Daily Hodl.

Cryptocurrencies — Bitcoin BTC/USD, Ether ETH/USD — are trading flat with losses of about 0.6% and 0.1%, respectively.

"Given that that whole thing was expected… even if we had a drop, we would rebound quickly because it’s a bulls--- drop," DonAlt said. "You would think that reverses quite quickly, but so far not the case, which makes me think there’s still underlying market weakness. We have just no strength."

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“We’ve had a bunch of good news and very predictable bad news, and the bad news does as much if not more as the good news does," DonAlt continued. He specifically mentioned the anticipated delay of the ETFs, stating that everyone saw it coming.

The U.S. Securities and Exchange Commission (SEC) last week postponed its decision on spot Bitcoin exchange-traded fund (ETF) applications from leading firms, including BlackRock BLK, WisdomTree, and VanEck.

This delay comes despite the crypto community's anticipation of a potential approval, especially after Grayscale's GBTC recent legal victory.

Also Read: Traditional Strategies No Longer Applicable In Crypto Market, BitMEX Founder Says

As Bitcoin grapples with its momentum, DonAlt shared his strategy for potential market moves.

He expressed interest in re-entering the crypto market if there's a significant drop.

“If we get a dump this month, I would look to buy it, like a strong dump. If we just get a bleed like we have been, that’s a no for me.”

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