A trader and analyst who accurately predicted the crypto bottom in November of 2022 is leaning bullish on Bitcoin (BTC) but with a caveat.
In a new video, the trader pseudonymously known as DonAlt tells 65,900 subscribers of the TechnicalRoundup YouTube channel that he has not changed his bullish bias on Bitcoin and is still “expecting higher” prices for the flagship crypto asset.
“Trend still strong though…
[On the weekly time frame] last week, [Bitcoin] wiped below the range and then closed all the way back in it. This is bullish – like that’s a really good close.
And then we had this week, we had another wipeout. And so far, that’s kind of been reclaimed as well. So, if this weekly close is above $90,000, I’m going to assume the range is still intact. And given we tested the bottom of the range, wiped out everyone below it, that would be like a bullish setup.”
According to DonAlt, Bitcoin will go much higher if it rallies above the range high of $104,000.
The pseudonymous analyst, however, says that Bitcoin appears bearish on the daily and monthly time frame.
“Monthly [chart] is not that great…
And daily [chart] is really, really interesting here because technically speaking, there’s an excellent short setup here. So basically, you would take a short here [around $90,000], your stops up here [around $95,000]. And then you target like new lows. Like either this [around $78,000] or even like all the way back to $70,000. Like that’s a really good short setup.”
Bitcoin is trading at $87,508 at time of writing.
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