A prominent cryptocurrency analyst, DonAlt, has warned that Bitcoin (CRYPTO: BTC) could face a potential collapse if it loses the key $30,000 level. DonAlt said that the price of Bitcoin is higher than it was yesterday, and he is more bearish now than he was previously. The rally was sparked from positive developments such as the submission of Bitcoin spot exchange-traded fund (ETF) applications and a significant ruling related to XRP.
DonAlt cautioned that the impact of these events may quickly fade, leading to a sharp decline in BTC’s value. He believes that if Bitcoin loses both the news impact and the $30,000 psychological level, it could collapse, potentially going down 10%, 20%, or 30% almost immediately.
The analyst also mentioned that his gut feeling suggests that Bitcoin and the entire crypto market may slowly decline in the days ahead. He expressed the belief that altcoins might retain some momentum, even in the event of a gradual decline over the next few days.
At the time of writing, Bitcoin was trading at $30,306, up by one percent in the last seven days. DonAlt urged people to adopt a defensive stance and cautioned that if altcoins stay active while Bitcoin bleeds, it could be the most bearish situation.
