A top analyst who nailed the 2022 Bitcoin bottom believes that BTC bears have already surrendered their last line of defense.
Pseudonymous analyst DonAlt tells his 571,800 followers on the social media platform X that blue skies are up ahead for BTC, meaning there’s no resistance left to stop Bitcoin from soaring to greater heights.
“As I said coins good again. The only thing that could stop bulls would be a nuke this weekend.
That’s highly unlikely given the previous weekend’s track record and just the general lack of trading activity. I don’t believe in any of the other lines, so coins remain good unless sub $63,000.”
Looking at the trader’s chart, he seems to suggest that the $70,000 level is a “made-up resistance at this point.”
In a video update, DonAlt explains why he no longer expects BTC bears to mount any resistance at the $70,000 area – a level that has kept Bitcoin range-bound for months.
“I don’t really see good resistances. I think these highs ($70,000) have been tested too many times. So you have four tests here, you come back toward $70,000, I wouldn’t want to bet against that…
The only bearish case that I can make out right now would be a close below $63,000, as in a weekend dump, which like I said is very unlikely.”
In technical analysis, a resistance level tends to lose strength the more times it is tested as sellers run out of supply to unload on the open market.
At time of writing, Bitcoin is trading for $67,342.
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