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Renowned crypto trader DonAlt is considering stepping away from active trading, citing disillusionment with the current state of the cryptocurrency market.
What Happened: In a recent episode of the popular “Casual Friday” podcast, Don revealed his plans to wind down his trading activities while expressing a desire for “one last bullish trade” to end on a high note.
“The space kind of depresses me a little bit,” Don admitted, explaining that the constant focus on trading negatively impacts his mood and family life. He expressed disappointment in the direction the crypto industry has taken, lamenting that it hasn’t lived up to his initial vision.
Discussing recent Bitcoin (CRYPTO: BTC) price action, Don noted, “We had a range that was three or four months long break to the downside. There’s a good chance that we’re going to be stuck down here or even lower for the next 3 to 6 months if not longer.”
Also Read: Bitcoin Should ‘Close A Monthly Candle Above $73,000' To Invalidate Sell Signal, Says Trader
Despite his personal plans to step back, Don emphasized the importance of key price levels for Bitcoin traders. He highlighted $60,000 as a crucial reclaim level and the $44,000 to $41,000 range as an area where traders are “legally obligated” to take positions.
The conversation also touched on Ethereum’s (CRYPTO: ETH) performance, particularly in light of the anticipated Ethereum ETF. Don observed that Ethereum’s chart looks technically bearish, with recent price action described as “horrendous.” He expressed skepticism about potential ETF flows, stating, “My gut feeling is that the flows are going to be disappointing honestly.”
The podcast also addressed the broader altcoin market, with Don noting significant outflows and suggesting that people are “starting to prepare for worse times.” Despite its recent popularity, Don cautioned Solana (CRYPTO: SOL) might be overextended. He noted the token’s impressive rally but warned of potential correction
As the crypto market grapples with a prolonged downtrend, Don’s potential exit highlights the toll bear markets can take on even seasoned traders.
What’s Next: Cryptocurrency trading is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
