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In the ever-volatile world of cryptocurrencies, trader and analyst DonAlt has sounded a cautionary note amid the recent Bitcoin and altcoin rallies. Known for his insightful analysis and strategy sessions, DonAlt expressed doubts about the sustainability of the current market enthusiasm. Here are the details...
DonAlt warns Bitcoin and altcoin traders
With 53,400 subscribers on YouTube, DonAlt's views carry weight in the crypto community. In a recent strategy session, he expressed concerns about the dominant narrative in the market and its potential consequences. According to DonAlt, the recent rise in cryptocurrency prices can be attributed to investors' expectations for the approval of multiple Ethereum-based futures exchange-traded funds (ETFs). While this news has certainly fueled optimism, he believes it may not be a strong enough catalyst to support ongoing rallies.
If you look at the Bitcoin daily chart, you will see that we are back in the resistance cluster. Frankly, I usually wouldn't care too much about this as we've tested it twice before this third test... But what I don't like is that the market in my eyes basically goes into resistance on bull news... Because bull narratives unravel really quickly... I don't like the narrative assigned to this and overall As I don't like how the market is trading right now.
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