A crypto strategist who accurately predicted Bitcoin’s 2022 bottom back in November (BTC) is keeping a close eye on the king crypto as it trades below $23,000.
In a new edition of Weekly Open, pseudonymous trader DonAlt says Bitcoin is now facing resistance on all time frames.
With Bitcoin appearing to respect resistance at around $23,000, the closely followed crypto trader still believes that BTC’s bullish market structure remains intact.
However, he warns that the clock is ticking for BTC bulls.
“Now, one thing that we do still have is that we have so far not made a new low, and we’ve made a higher high…
But we still need to get back above $23,000. Otherwise, it just looks pretty bad to me.”
Should Bitcoin bulls fail to recapture $23,000 in the short term, DonAlt believes that a BTC correction all the way down to $20,000 is in the realm of possibility.
However, the trader says a move down to that level does not necessarily mean that Bitcoin’s 2023 breakout is over.
“For me, I still think even if we pull back to $20,000, this is a market that wants to go up. It’s just like a one month, two month pullback to me.
But $20,000 would hurt a lot people. It’s not that far away. It’s only 10% [down]… I think it’s a temporary pullback.”
At time of writing, Bitcoin is trading for $22,455, a fractional increase on the day.
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