A trader who expertly rode the 2023 Bitcoin (BTC) breakout rally says the crypto king is hovering in a zone that offers maximum reward but minimal risk to bears.
Pseudonymous analyst DonAlt tells his 482,300 Twitter followers that Bitcoin is trading below its “indecisiveness” level around the $30,000 price area.
According to the crypto strategist, Bitcoin has retested the indecision level as resistance, suggesting a deeper correction is in sight for BTC.
“Had a pretty good week, unfortunately will most likely end as a bearish retest of the indecision zone. Maximum Risk: Reward for shorts here, but I’d rather wait until it’s bullish again, I don’t care if that will be higher or lower.
As for his downside target for Bitcoin, DonAlt says BTC could drop to $20,000 and still remain macro bullish.
“The monthly would be bullish even at $20,000. So if you don’t really care about a drop, there’s no point in selling.”
DonAlt also issues a warning and says Bitcoin could to punish traders with leverage as long as BTC hovers above $20,000 but below $30,000.
“Anything under $30,000 and above $20,000 is a lie. We’re in the stage of the market where we’re bleeding out all leverage traders, and it’s going to go up or down in those limits as far as it takes to kill them.
At the time of writing, Bitcoin is trading at $28,003.
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Image generated: Midway through the journey
