A crypto strategist who correctly called Bitcoin’s (BTC) 2022 price floor thinks the king crypto may be one resistance level away from a fresh all-time high.
In a new strategy session, pseudonymous trader DonAlt tells his 48,900 YouTube subscribers that Bitcoin looks really, really good on the monthly timeframe after taking out resistance at $24,000.
According to the popular trader, the breakout is Bitcoin’s first real sign of bullishness since November 2021, when BTC hit its all-time high of $69,000.
“[Bitcoin] hasn’t looked this good in a long, long time. Let’s be real right. When we look at the chart, we haven’t had any bullishness since the all-time high on the monthly. It’s been a complete sh*tshow. Every resistance did its job. There was really no bounce whatsoever. And technically speaking, if this monthly closes above resistance [around $24,000], that’s actually the confirmation of the breakout, the first bullish signal. I think that could run for a little bit.
Usually, monthly signals run for longer than a candle or two, but they just keep on going… I’m just going to say $35,000 resistance and then if that breaks, I don’t think you want to sell before a new all-time high.”
Looking at the weekly timeframe, DonAlt says that he sees a scenario where Bitcoin could rally close to $33,000 before correcting to $27,000 to set the stage for an attempt to take out resistance at $35,000.
“Stuff like that happens all the time. When you get a rejection just before a big level on a high timeframe and then you have a weak pullback or two weeks into just another push into that monthly resistance, and then it actually shows whether it wants to go up or not.”
At time of writing, Bitcoin is worth $27,622.
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