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.
[adinserter block="1"]“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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