A popular crypto analyst known for calling Bitcoin’s (BTC) bottom last year is predicting the digital asset markets will first dip further before turning bullish.
Pseudonymous analyst DonAlt tells his 50,400 subscribers that trading volume needs to decline before a bottom is in for Bitcoin and it may take a few months.
“I think we’re going to bleed. I think we’re going to go sideways. I think we’re going to stop longs and shorts out the entire way. And once volume kind of dies down and the market kind of settles, then you can actually start thinking about a bottom. But right now people are trading too much and I think that has to stop. So to answer the title of the video, which is ‘Endless range, when do I flip bullish?’ one, if a lot of time passes.
No matter where we go sideways, as long as we go sideways below $30,000 for like a couple of months, I start getting more and more bullish, as long as we hold $20,000, of course.
Let’s say we go sideways for a while. Let’s say we have a couple of months of shitty price action…
Even if it doesn’t go to $20,000, that’s a good structure to have, right? Because then you have a move down into a move up, into consolidation, into a move up. That’s okay by me. But right now what we have is a move down, into a move up. What would you expect from this in the current kind of environment? You’d expect it to kind of go down.”
The trader also predicts if Bitcoin declines to the $20,000 level, buyers will swoop in and start accumulating the king crypto, sending it upward.
“Where are we going to find buyers if something goes wrong? I think that’s going to be around $20,000. So the further away we are from $20,000 the higher my risk is because that’s kind of the line in the sand…
I don’t think if we go back to $20,000 everything’s over. I think at that point, we could make a nice space and we could start walking up, so the further away we get from that point, the riskier it gets to me.”
Lastly, DonAlt says if Bitcoin makes a near-term breakout to the upper range, crossing the $30,000 level, he predicts it will continue to surge to $60,000.
“Unless we just come back into the upper range because if we get back into the upper range, I will kind of look for dips to buy and then I think we’re going to go back to $60,000.”
Bitcoin is worth $26,997 at time of writing, down 2.2% during the past 24 hours.
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney