A popular crypto strategist is warning Bitcoin holders, saying that the recent BTC rally could be the final leg up before another serious corrective move.
In a new strategy session, pseudonymous analyst DonAlt says that Bitcoin’s support around the $18,000 level, which has kept the king crypto relatively stable since June, will likely not hold if BTC bulls fail to sustain the current ascent.
“I don’t think the support is good anymore. So basically, if you’re bullish, you’re going to have to pray that this resistance ($21,000) goes. You have to break it. If you’re bearish, if you sold into resistance, you have a pretty neat entry, and you can bet on basically [a] breakdown just based on the fact that we’ve had for once had a little bit of an impulse [rally].
I think it’s the last impulse [rally] that we’re going to get off of this level.”
According to DonAlt, he’s prepared to load up on BTC if it corrects to as low as $15,000.
While the analyst is warning that a potential correction is in sight, he says BTC bulls can still invalidate his thesis and ignite a 40% rally for the king crypto.
“Just looking at the daily [chart], the obvious trade is to long this because your invalidation is really clear. Like I said, this impulse [rally] is, in my opinion, the last one you’re going to get from the level, so if we full retrace this impulse [rally], you should be out. That basically puts your invalidation at low $19,000s. That’s a very, very tight invalidation.
The target is quite high up. So you can target $29,000 if this breakout sticks.”
At time of writing, BTC is swapping hands for $20,581, flat on the day.
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