Crypto Trader Who Accurately Predicted 2022 Bottom Now Bullish on Bitcoin, Notes BTC Bears' Last Defense
A highly regarded trader who accurately predicted the bottom of last year's bear market is now suggesting that Bitcoin (BTC) is just one resistance level away from triggering a significant upward surge.
Pseudonymous analyst DonAlt, addressing his 508,100 followers on social media platform X, expresses optimism about Bitcoin's potential to stage a strong rally, challenging the $28,000 resistance level.
DonAlt predicts that if Bitcoin successfully breaches this resistance, it could potentially surge as high as $42,000. He states, 'In any case, my base scenario is that $28,000 holds, and we either experience a significant upward move or break above $35,000 (and possibly higher). This is the last line of defense for the bears, so they need to make it count.'
In a recent YouTube strategy session, DonAlt elaborates on his bullish outlook for BTC's potential breakthrough above $28,000. He observes that despite Bitcoin's 'constructive' recent price action, sentiment among crypto traders remains notably bearish.
He explains, 'I've been closely monitoring the charts, and I've seen a prolonged period of consolidation. However, I've observed constructive price action. Surprisingly, sentiment remains bearish, with many attributing recent positive movements to bears reloading.'
DonAlt continues, 'Although we experienced a daily breakout on October 1st, which resulted in a significant upside candle, few could explain the sudden surge in price. Since then, we've been consolidating around the $28,000 level. For me, this level is crucial based on weekly resistance. The extended consolidation period has piqued my interest.'
While currently bullish on BTC, DonAlt cautions that failure to breach the $28,000 level could trigger a substantial sell-off event. He states, 'If we break above, we anticipate a significant price movement. Conversely, a breakdown could potentially lead us toward the $23,000-$20,000 range.'
As of the time of writing, Bitcoin is trading at $27,968.
Oct 08, 2023