Analyst Who Predicted Crypto Bottom in 2022 Reveals New Bitcoin Position
An analyst who accurately predicted the crypto market’s bottom in November 2022 is entering the market once again. The move comes after Bitcoin briefly dipped below the $25,000 support level earlier this week. Pseudonymous crypto strategist DonAlt has shared his decision with his 53,100 subscribers on the TechnicalRoundup YouTube channel. He explains that he took a trade and bought a small amount of Bitcoin because he believes it’s a good opportunity to enter the market. If his trade idea proves to be correct, he plans to exit his position after hitting a profit level above $30,000.
According to DonAlt, if his trade idea is invalidated, there could be a significant drop in Bitcoin’s price. He suggests that if Bitcoin breaks down below $24,900, it could lead to capitulation and a further drop to $20,000. Currently, the invalidation level is around $25,000. DonAlt remains cautious and is not overly bullish or bearish about the market.
Hot Take: Analyst’s New Bitcoin Position and Targets
Analyst DonAlt, known for accurately predicting the crypto market’s bottom in 2022, has revealed his new long position on Bitcoin. He believes that buying at the current level around $26,000 is a good opportunity, with a potential profit target above $30,000. However, if the price drops below $24,900, it could trigger capitulation and a further decline to $20,000. DonAlt’s trade idea will be invalidated if Bitcoin fails to hold above $25,000. The analyst remains cautious but optimistic about the market’s potential. Keep an eye on Bitcoin’s price action to see how this trade unfolds.
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