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."

Source: DonAlt/YouTube

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."

Source: DonAlt/YouTube


Sep 15, 2023

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