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One of crypto’s most watched public traders, DonAlt, has issued a market update that cuts through every bullish excuse still floating around the leading cryptocurrency, Bitcoin.
His latest chart, posted on Nov. 4, shows the BTC price at $104,169, unable to break through 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. Yet.
It is not random that DonAlt expressed his outlook with the weekly chart, as it is evident there how the price pattern has turned into repetition. Each rise loses force sooner than the last, and every dip finds fewer buyers. The price is not crashing, it is simply doing less each week, tracing the same range without purpose.
If one wanted to wax poetic, they can say that DonAlt’s post does not dramatize the outlook but documents erosion.
Time to look away?
While not breached yet, the gap between $93,900 and $87,000 шы now likely to define the lower edge, and below it, the chart shows an open channel into the low-$80,000 zone. Call it the "decision corridor," a stretch that decides whether Bitcoin keeps its upper-cycle frame or slips into a reset, bear market, crypto winter and any other grim labels market participants previously invented.
If Bitcoin closes the week under $93,500, crypto enthusiasts should prepare for a drop of 10-15% to the $88,000-$90,000 band, and a possible 20-25% correction down toward low-$80,000 if $87,300 breaks.
Only a reclamation of $120,000 would open a potential rally toward $135,000, but the odds seen in the current structure favor the bearish scenario.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team