Crypto analyst who labeled the Bitcoin bottom in 2022 predicts when the digital asset market will turn bullish
A popular crypto analyst known for calling Bitcoin (BTC)’s bottom over the past year predicts that digital asset markets will first continue lower before turning bullish.
Pseudonymous analyst DonAlt tells his 50,400 subscribers that trading volume must fall before bottoming out for Bitcoin, and that it may take a few months.
“I think we’re going to bleed. I think we will go sideways. I think we will lock down long and short positions the entire way. And once the volume dies down and the market settles down, you can actually start thinking about a bottom. But right now people are trading too much and I think this has to stop. To answer the title of the video, “Endless Range, when do I turn bullish?” one when a lot of time goes by.
No matter where we sideways, as long as we sideways below $30k for a few months or so, I’ll get more bullish as long as we hold $20k of course.
Let’s say we move sideways for a while. Let’s say we have a few months full of crappy price promotions…
Even if it doesn’t ramp up to $20,000, that’s a good structure, right? Because then there is a downward movement, an upward movement, a consolidation, an upward movement. For me that’s okay. But right now we are witnessing a move down and up. What would you expect from that in the current environment? You would expect it to go down somehow.”
The trader also predicts that buyers will step in and start accumulating the king cryptocurrency if Bitcoin falls to $20,000, propelling it higher.
“Where do we find buyers when things go wrong? I think that will be around $20,000. So the further we get from $20,000, the higher my risk because that’s kind of the line in the sand…
I don’t think it’s all over when we go back to $20,000. I think at that point we could create a nice space and start climbing. The further we get from that point, the riskier it becomes for me.”
In conclusion, DonAlt says that if Bitcoin breaks out into the upper range and breaks above $30,000 in the short term, it forecasts another surge to $60,000.
“Unless we just get back into the upside, because if we get back into the upside I’m going to be looking for dips to buy in and then I think we’re going to $60,000 will go back.”
At the time of writing, Bitcoin is worth $26,997, down 2.2% over the past 24 hours.
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