A widely followed strategist who expertly navigated a Bitcoin (BTC) trade from the 2022 price bottom to the 2023 high is urging caution as the flagship crypto asset settles into a range.
The pseudonymous analyst DonAlt tells his 481,600 Twitter followers that the crypto market is currently in a ranging phase which is likely to “bleed out” traders with leveraged positions.
According to DonAlt, the Bitcoin price zone between $20,000 to $30,000 should be avoided.
“Anything below $30,000 and above $20,000 is a lie.
We’re in the phase of the market in which we bleed out all the leverage traders and it’ll go as far up or down in those boundaries as it needs to, to kill them.
In my opinion, anyways, have fun, don’t get liquidated.”
Last week, the pseudonymous crypto strategist revealed that he will get back into the market either when Bitcoin falls to the $20,000 level or when BTC rises above $30,000.
According to DonAlt, he will have no exposure while Bitcoin is trading in the $20,000 – $30,000 range.
“General plan for me is:
Buy back BTC I sold at approximately $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.”
Bitcoin is trading at $28,941 at time of writing.
Besides the Bitcoin position which he closed at around 90% profit after buying during the November 2022 low, DonAlt also made impressive profits on Litecoin (LTC) and XRP, which he had purchased at around the same time as BTC.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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