A popular crypto strategist is mapping out two potential scenarios that he believes are the most likely paths for Bitcoin (BTC) in the coming weeks.
In a new strategy session, pseudonymous analyst DonAlt says that he thinks Bitcoin could gather bullish momentum in the short term before igniting a strong rally in the next month or so.
“There’s a good chance that we’re going to have small candles to the upside for the next three, four, five weeks, and then a pop up at some point. That’s my most likely scenario.”
While DonAlt is bullish on the leading digital asset, he is also considering the possibility of a short-term pullback to around $18,000.
“Obviously, [it’s] also possible to come back into this weekly support. I don’t think it would break on the second test. We tested it once. It’s an excellent support level. Even if we round out of come back, I think it’s going to hold on the second test as well.
But at that point, you’d have to start wondering whether any bounce that you get is one to sell into because that would look bad. That’s the bearish thesis. If this plays out, I think we’re going to hold $18,000 – $19,000.
If you’re playing it bullishly, slow crawl up into resistance ($30,000), into liquidation through resistance would make a lot of sense to me. Those are the two most likely outcomes.”
At time of writing, Bitcoin is trading for $22,183, down over 1% on the day.
I
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/fran_kie
