Crypto Analyst Warns Bitcoin Could Plunge to $50,000 if Weekly Close Falls Below $70,000

A seasoned crypto analyst has a serious warning about Bitcoin. They suggest that BTC might drop to the $50,000 level.

In a recent video update, the analyst known as DonAlt shared insights with his 62,500 YouTube subscribers. He pointed out that if Bitcoin closes the week below $70,000, we could see another wave of liquidations.

DonAlt believes that Bitcoin's recent rise above $70,000 is mainly driven by traders hoping to cash in on a potential Trump victory. However, he cautions that these positions could be at risk if Bitcoin struggles to maintain its rally.

“Many people are betting on Trump, and if the market dips, they could be in trouble,” he said. “These traders aren’t necessarily in it for the long haul. They want to profit quickly if Trump wins.”

This puts them in a risky spot, especially since he thinks the odds of Trump winning are about 50/50 or maybe 55/45.

He added, “There are plenty of traders with positions that could easily be liquidated. If we see weakness here, and if this weekly candle closes in the red, that would signal a strong chance of a downturn.”

DonAlt doesn’t think a drop would stop in the mid-$60,000s. “We could easily see it go down to the lower $60,000s, or even back to the $50,000 level,” he warned.

As of now, Bitcoin is trading at $69,379, just below that crucial $70,000 mark that DonAlt mentioned.