An analyst who masterfully rode the crypto turnaround this year is unveiling his general plan to re-enter Bitcoin (BTC) as the crypto king struggles to reclaim $30,000.
Pseudonymous analyst DonAlt tells his 480,400 Twitter followers that he’s planning to stay on the sidelines for now as he believes BTC is trading between key levels.
According to the crypto strategist, he’s looking for a reclaim of $30,000 or a correction all the way down to $20,000 before reaccumulating the crypto king.
“General plan for me is:
Buy back BTC I sold at ~$30,200 if we manage to reclaim $30,000.
Buy back BTC I sold if we retest $20,000.
Chill in between both of those.”
DonAlt is also issuing a warning to both BTC bulls and bears that it is within the realm of possibility for Bitcoin to witness a multi-month chop before a clear trend emerges.
“Max pain is sideways in all markets. Too many speculators everywhere, bleed them out, make them get normal jobs again, make people like me irrelevant on the internet.
Then up only again.”
Although the crypto analyst sees Bitcoin trading in a wide range as long as it is below $30,000, he doesn’t believe that BTC will breach its bear market low at around $15,700.
“I said we’re not seeing new lows again.”
At time of writing, Bitcoin is trading for $27,839.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Master1305