A top trader who predicted the 2023 crypto breakout says Bitcoin (BTC) still has a lot more room to run to the upside.
Pseudonymous analyst DonAlt tells his 473,500 Twitter followers that Bitcoin could soon surge by nearly 32% from its current value of $28,586.
According to DonAlt, Bitcoin looks strong as BTC continues its slow grind-up despite a flurry of bad news over the last few days.
“BTC update:
Changed the zones a bit. Generally looks absurdly good. Quite funny how the FUD [fear, uncertainty and doubt] of last week and the panic on Twitter aren’t even visible on the chart. Goes to show that most people are way too zoomed in.”
DonAlt is referring to the Commodity Futures Trading Commission’s (CFTC) recent charges against top crypto exchange Binance, its CEO Changpeng Zhao and the company’s former chief compliance officer Samuel Lim involving a long list of regulatory violations. According to the top crypto strategist, Bitcoin remains bullish as long as BTC holds the low of around $26,500, which was set after news of the enforcement actions broke.
“The most important structure right now is the one we set on Binance FUD. If we lose it, that’d be the first time over the course of this rally that bullish engulfed bad news lows get raided. Would be enough for me to think we’ll cool down for a while As long as it holds? Up only.
The trader also sets key price levels for BTC, predicting Bitcoin could surge to $37,700.
“Resistance: $28,900
Support: $28,000
Breakdown target: $25,200
Breakout target: $37,700.”
DonAlt also says one of the reasons he is bullish on Bitcoin is because the top digital asset has weathered a huge amount of bad news in the crypto industry along with sharp criticism of those who are anti-crypto.
“The best argument for why this is gonna giga send is that we’ve simply run out of bad news. We’ve nuked every company, every reputation, everything. The whole industry is a laughing stock, and yet price is 2x from the lows What else do they wanna throw at us?
I can’t remember the last time we had this much objectively bad news and blatant target aggression thrown at crypto while price just went… Up.”
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