A crypto strategist who discovered the 2022 Bitcoin bottom says the clock is ticking for BTC bulls to flex their muscles.
Pseudonymous analyst DonAlt tells his 62,300 YouTube subscribers that technical conditions are ripe for Bitcoin to start a new bull run.
According to the top trader, the deep correction in August that took BTC below $50,000 is the leverage Bitcoin needs to move higher. The analyst emphasizes that any sign of weakness will now likely put the crypto king in a position to witness an extended bear market.
“The market has been wiped out so aggressively that it’s completely fair to say, ‘Okay, we’ve had the shakeout that we normally get after a long consolidation and now we can move higher.’
So if it doesn’t go up now, if we break this support [at $58,000]I think it’s going to be another longer bear market, where it takes six to 18 months just to hit the lows. But I think there’s a very, very good chance, and much greater than breaking it, that we’ll just go up from here.
I think we’re in a good place, but now that we’ve had every reason to go down and we haven’t and we’ve lost our way… I think if we go back it just looks bad for the medium term.”
DonAlt also pinpoints a key level for Bitcoin bulls, saying BTC will catch fire if it moves above the price area.
“If you go back to $68,000 daily [chart]It just doesn’t really look like he wants to go any lower. From a cursory look at the market we are now down to $68,000, even if we get a pullback you would expect it to start breaking out.
This is the most important level the bears have, so I wouldn’t talk to them too aggressively. But I think they’re probably just wrong, the bears are probably wrong…
So I am cautiously optimistic.”
At the time of writing, Bitcoin is trading at $63,244, down more than 2% on the day.
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Generated image: Midjourney
