An analyst who correctly called this year’s crypto turnaround and bought Bitcoin and Ethereum in November says his bullish stance on the market will change if BTC falls below a key support level.
Pseudonymous analyst DonAlt tells his 46,800 YouTube subscribers that he while Bitcoin’s rally from 2022’s low is significant, the bull case for the king crypto could be invalidated if the top crypto asset by market cap falls below the $19,000 level.
“[Bitcoin is] up 50% since the low [~ $15,500], which is quite significant… [It is] chilling above areas that it has to be above. And as long as we don’t lose $18,000/$19,000, nothing changes. I’m going to be bullish until we lose $19,000.”
Bitcoin is trading at $23,044 at time of writing, a fractional gain during the last 24 hours. According to the trader, Bitcoin could even plunge below its 2022 low of $15,500 if the $19,000 support level crumbles.
“If you go down to $19,000… then you’d make new lows.”
DonAlt says he’s holding onto his positions and believes the current crypto rally is not over yet.
However, If Bitcoin continues an upward trend, DonAlt says his preferred level to take profits is around the $32,000 price tag.
“Just makes sense to be bullish. But I don’t know where to buy pullbacks and I don’t know where to take profits other than $32,000, just based on the fact that I wouldn’t want to sell into [the] $24,000 level. I don’t like it. I don’t like any monthly level either unless it’s like $35,000, which is roughly in the area of $32,000 as well.”
As for Ethereum, the trader says he remains bullish although ETH has under-performed compared to Bitcoin in recent days.
He doesn’t see much resistance until the second-largest crypto asset reaches the $2,200 area.
“My thesis is basically we retested the monthly support at $1,100 and there’s no real level that I like between $1,100 and $2,2200 – so let’s go to $2,200.”
Overall, DonAlt says he’s mainly watching Bitcoin to ensure it holds its key support level, and he will make decisions on altocins based on how it performs.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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