Analyst Who Nailed 2022 Crypto Bottom Unveils New Long Position on Bitcoin – Here Are His Targets

Crypto analyst who predicted 2022 bottom re-enters market after Bitcoin drops below $25,000

Pseudonymous cryptocurrency strategist DonAlt, speaking to the 53,100 subscribers of the TechnicalRoundup YouTube channel, discussed the decision-making process behind his new Bitcoin position.

"At this juncture, one can make a case for purchasing Bitcoin around the $26,000 range. If the assessment proves incorrect, a stop-loss order would trigger, allowing for a reentry opportunity at $19,000.

The rationale for taking action and initiating a modest Bitcoin purchase stems from the anticipation that an alternative entry point may not materialize."

The analyst anticipates exiting the trade if his trade idea proves to be accurate, resulting in a profit level exceeding double-digit percentage points.

"The target price is set above $30,000, and I will assess its progress."

As of the current writing, Bitcoin is trading at $26,342.

DonAlt suggests that a "capitulation proper" scenario may occur if the trade idea is invalidated, potentially dropping around 5% below the current price level.

"I'm maintaining a neutral stance, not overly bullish or bearish. What makes this trade intriguing, in my opinion, is the potential for significant downside if it fails. If we break below the $24,900 mark, it could trigger a capitulation phase, leading to a further decline to $20,000. The trade's invalidation point currently stands at around $25,000."

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Sep 15, 2023