An analyst who rode the crypto rally earlier this year believes that Bitcoin (BTC) has a shot to ignite a steep rally and print a new 2023 high.
In a new strategy session, DonAlt tells his 53,200 YouTube subscribers that it is within the realm of possibility for Bitcoin to witness a burst to the upside and leave many traders on the sidelines.
“If we go up and if we break that resistance that we’re battling right now, the target I think could be $36,000-ish… So basically if this goes – and we have enough good reasons to go, we have enough reasons to go down too – but if sentiment shifts, I think we have enough reasons to go up…
There’s a chance I’m not going to get a good entry at $30,000 because if this rockets, it will rocket maybe too fast for me to catch a good trade, so I’ll just take a shitty trade down here just to make sure.
Worst-case scenario, I just take a tiny hit because the invalidation is so tight and then I can rebuy at $19,000 to $20,000.”
DonAlt also tells his 505,300 followers on the social media platform X that Bitcoin’s price action looks good after trending down for months.
“First time in months that we’ve had constructive price action That said, we have to move up soon. Otherwise, I’ll derisk again.”
At time of writing, Bitcoin is trading for $26,519.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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