A widely followed trader and crypto strategist says he’s bullish on Bitcoin (BTC) until the price action proves him wrong.
In a new strategy session, pseudonymous trader DonAlt says that BTC is currently facing a weak resistance area in the weekly timeframe as the largest crypto asset continues to trade above $50,000.
“For me, you can argue that this is one [resistance at $60,000]. But for me, this has been tested so many times… I think there’s a good chance that we get checked here for a time, but I don’t think it’s going to hold longer-term. So I’m just going to remain bullish until I see weakness. Right now, I don’t really see too much of any kind of weakness. So [I’m] bullish until proven otherwise.”
Looking at the daily timeframe, DonAlt says it is clear skies ahead for BTC.
“Right now, on the daily [timeframe], there’s no resistance left in my opinion, which is pretty good. As long as we’re holding the lower $50,000s, even the short timeframes look stupidly bullish.”
As for what it would take for him to change his bullish outlook on BTC, DonAlt says that a 20% correction from Bitcoin’s current value of $54,675 would be enough to reverse his stance.
“Anything above here is bullish in my view. So anything above $44,000 and that’s quite a bit away now. That invalidation hasn’t changed… If you start going back down there then you have lows ($40,000) that have been tested [a] bunch of times. I don’t think those would hold again.”
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Featured Image: Shutterstock/Philipp Tur