What Can We Expect From Bitcoin if It Fails to Hold $70K?
A crypto strategist known as "DonAlt" has issued a cautious forecast for Bitcoin (BTC), warning that the asset's price could potentially fall.
DonAlt explained , that Bitcoin’s recent climb above $70,000 appears to be due to short-term traders hoping to profit from Trump’s potential victory.
He suggested that these traders, many of whom are likely “paper” and less committed to holding BTC for the long term, could see their positions liquidated if Bitcoin struggles to maintain its recent gains.
DonAlt stressed that these speculative traders are entering the market based on political events rather than a fundamental interest in the long-term value of Bitcoin. According to him, if Bitcoin shows signs of weakness and fails to end the week above the $70,000 level, it could trigger a wave of liquidations as these positions will be “washed away.”
READ MORE:
China Central Bank Official Highlights Challenges for Bitcoin and Digital Currency AdoptionHe noted that such an event would be a very bearish signal that could push Bitcoin down to the mid-$60,000s or potentially even lower, reaching the $50,000 range.
Currently, Bitcoin is trading just below the critical $70,000 threshold DonAlt mentioned. If it fails to hold the level in question, he believes it could signal the start of a larger downtrend as speculative positions are forced to close and market confidence is shaken.
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.
You may also like
Salesforce surges! Is the “software doomsday” over? Q3 guidance exceeds expectations, expands cooperation with Anthropic | Financial Report Insights
Salesforce reported Q2 revenue of $11.35 billion, up 11% year-on-year; net profit reached $3.53 billion, an 87% increase year-on-year. Q3 revenue guidance is between $11.42 billion and $11.5 billion, with remaining performance obligations for the period totaling $33.5 billion, both surpassing market expectations. AI product ARR is nearing $4 billion, with Agentforce surging 240% year-on-year. The company also announced an in-depth collaboration with Anthropic to launch "Claudeforce". Salesforce shares rose as much as 14% after hours.
Basent or reshaping US bond issuance strategy? Wall Street debates cutting long-term US bond issuance, November refinancing meeting becomes key
U.S. Treasury Secretary Janet Yellen's recent, more proactive involvement in the U.S. Treasury market is prompting Wall Street to reassess the government's future debt financing strategies.
"Depreciation trades" make a comeback! Gold and Bitcoin ETF attract about $7 billion in five days as two major scarce assets strengthen together
As concerns over the U.S. fiscal deficit, government debt, and the outlook for the dollar resurface in the market, investors are flocking to both gold and bitcoin simultaneously, instead of choosing between the two assets.
Nvidia's last quarter revenue doubled and exceeded expectations; this quarter is expected to surpass the $100 billion mark for the first time, with next fiscal year's growth guidance crushing estimates | Earnings Watch
In the second fiscal quarter, Nvidia reported its highest year-over-year revenue growth in two years, with data center revenue increasing 117% year-over-year and a gross margin steady at 75% compared to the previous quarter. The company recorded nearly $7.8 billion in net gains from equity securities for the quarter. For the third fiscal quarter, the midpoint of revenue guidance indicates a year-over-year slowdown to nearly 90%. Excluding data center computing revenue from China, this did not surpass the most optimistic institutional expectations. The gross margin guidance midpoint slipped to 74%, slightly below expectations. Nvidia stated that Rubin is accelerating into full-scale production. Jensen Huang said that AI has reached an inflection point, and computing power now translates directly into revenue. After the earnings report, shares initially dropped 4% in after-hours trading. However, as the earnings call revealed a projected 70% increase in next fiscal year revenue and Amazon pledged to substantially increase its adoption of Nvidia products, the stock rebounded to nearly a 5% gain after hours.
Crypto prices
More
