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One of the most closely watched public crypto traders, DonAlt, has issued a market update that cuts through any bullish talk that is still floating around the main cryptocurrency, Bitcoin.
Its latest chart, published on November 4, shows the BTC price at $104,169unable to break the resistance at $120,000 and resting above fragile supports at $93,900 and $87,300. What this structure looks like can be called tired but not broken. However.
It is no coincidence that DonAlt expressed his outlook with the weekly chart, since it is evident here how the price pattern has become repetitive. Each rise loses strength before the last, and each dip finds fewer buyers. The price is not crashing, it is just doing less every week, tracing the same range without purpose.
If you wanted to be poetic, you can say that DonAlt’s post does not dramatize the perspective, but documents the erosion.
Time to look away?
While it is not violated yet, the gap between $93,900 and $87,000 is now likely to define the lower edge, and below, the chart shows an open channel in the low-$80,000 area. Call it the “decision corridor”, a stretch that decides if Bitcoin maintains its upper cycle frame or slips in a resetten, bear market, crypto winter and any other dark label market participants invented before.
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If Bitcoin closes the week below $93,500Crypto lovers should prepare for a drop of 10-15% to the range of $88,000-$90,000, and a possible correction of 20-25% towards low-$80,000 if $87,300 breaks.
Only a recovery of $120,000 would open a potential rally towards $135,000, but the probabilities seen in the current structure favor the bearish scenario.
