A widely followed crypto strategist and trader says Bitcoin must reclaim a crucial level to have a shot at invalidating a big move to below $30,000.
In a new strategy session, DonAlt plots a bullish scenario for Bitcoin that could give the leading cryptocurrency the momentum to take out key resistance at $52,000.
“Let’s say you get a nuke based on news, if that gets engulfed off of like you don’t get bullish news or whatever, it’s just price action pushes it back up, usually you get at least a squeeze. That squeeze, in this case, let’s say we go back above here ($44,000), would easily take it into the $50,000 region. At that point, we’re way too close in my opinion to this high ($52,000) to not just take it out.”
Although the continuation of a bull trend is in the cards for Bitcoin, DonAlt says BTC must first close above a key level to avoid a scenario where Bitcoin drops all the way down to $28,000.
“If anything, wait for a close above $42,400. That’s like the least it has to do, in my opinion. If it can’t even manage that, I think just take it, roll it over, [and] go below $30,000. If it can close above $42,400, there’s this range to be had (around $42,000). This tiny one, and then whether you break up or down, [that’s] just going to decide the next move.”
At time of writing, Bitcoin is trading $42,419, according to CoinGecko.
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