A trader who accurately predicted the floor price of Bitcoin (BTC) in 2022 is updating his outlook on the flagship crypto asset.
In a new TechnicalRoundup video, pseudonymous trader DonAlt tells his 49,500 YouTube subscribers that he remains bullish on Bitcoin and the weekly and monthly charts are why.
[adinserter block="1"]According to DonAlt, his bullish thesis will be invalidated if Bitcoin falls below $22,000.
“So far so good, right? The buys that we’ve done at $16,000 almost up 2X. And there’s still quite a bit to go.
Monthly looks good, monthly is bullish if the next two days go horribly wrong and we dump below $23,000 forget I ever said that and hide in your bunkers because we’re f*cked at that point. But I doubt that’s going to happen…
The weekly looks good as long as we realistically hold $20,000. That said, my new invalidation is anything really below this [$22,000].
Basically, if we come back below this current impulse candle that we’ve had, I think it’s done for.”
Bitcoin is trading at $28,641 at time of writing.
On the next key level, if Bitcoin maintains an upward trajectory, the pseudonymous crypto trader says that “the next resistance is $35,000, so that’s been the target.”
According to the pseudonymous trader, the banking crisis has created a strong narrative for the crypto market.
“Bank bailouts are basically the most bullish thing you can have for crypto. It’s why crypto exists, it’s why a lot of us are in this market. It’s basically opening the eyes to a lot of people that what’s going on in the world is not really right.
It becomes the narrative to play, which I like. We have a strong narrative now and we have a strong narrative going into the halving. So we not only have the meme halving pump coming, we also have a strong narrative for it. So that’s a good one, it’s a good combination to have.”
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