Top Trader Warns of November 2018-Style Capitulation for Bitcoin After ‘Massive Range Breakdown’

A veteran trader says he’s hesitant to flip bullish on Bitcoin (BTC) just yet considering the possibility of another November 2018-style crash.

In November of 2018, BTC broke down below $6,000 after consolidating in a narrow range for over six months, and while many were eager to buy the dip, Bitcoin didn’t bottom out until it nearly touched $3,000.

Pseudonymous trader DonAlt tells his 568,000 followers on the social media platform X that he thinks traders look too eager to be bullish on BTC after Bitcoin took out its psychological support at $60,000.

“I personally think people are flipping bullish here too early.

I still remember when $6,000 broke and people immediately rushed in to buy $5,500. 

It didn’t end too well, [and] that’s why I’m gonna chill for a bit until it’s clear where this sh*t wants to go…

Anyway, a weekly close above $60,000 would be giga bullish. A weekly close at $52,000 would make me wanna look for bounce plays next week. Anything that isn’t either of those is fake and… uninteresting garbage that deserves no attention.”

DonAlt says BTC has undergone a “massive range breakdown” after failing to hold $60,000, and Bitcoin will likely need time and confirmation to recover.

“I don’t think it makes much sense to be too aggressive. There is plenty of time and space if we actually reclaim the range to just go full retard and I’ll happily join.

Here? I personally just don’t see the risk/reward.”

At time of writing, Bitcoin is trading at $57,743, up 2.35% on the day.

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

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

The post Top Trader Warns of November 2018-Style Capitulation for Bitcoin After ‘Massive Range Breakdown’ appeared first on The Daily Hodl.