It has been just reported that there is a top crypto analyst who is predicting that Bitcoin (BTC) is at risk of collapsing if one scenario plays out in the near term.
BTC to allegedly see the risk of collapse in this case
According to DonAlt, an analyst who goes by a pseudonym, Bitcoin could face a decline of up to 30% if it fails to maintain the crucial $30,000 level.
He points out that Bitcoin experienced a surge in value due to the positive news surrounding Bitcoin spot exchange-traded fund (ETF) applications and the significant XRP ruling.
However, he also suggests that this boost might not last, and Bitcoin could experience a sharp drop.
“Price is higher than it was yesterday. And I’m much more bearish now than I was yesterday on Bitcoin.
Now the altcoins could get a little bit of a tailwind and the Bitcoin thing could get invalidated. I’m not necessarily bearish yet. In general, the cool thing with Bitcoin right now is that basically, this move started off of good news, one, and off of $30,000, a strong, strong level that is just very obvious to see, $30,000 round number, $30,000 just feels like a good number.”
The same notes managed to reveal the following:
“And I think if we lose both, basically if we lose the news impact and we lose the $30,000 psychological level, I think this is going to collapse – like proper nuke level as in you get like 10%, 20%, 30% down pretty much almost immediately.”
Regarding the price of BTC today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $30,212.
There have been a lot of optimistic predictions about the price of BTC these days as well, so stay tuned for more news from the crypto space and make sure to keep your eyes on the market.
