Crypto strategist who hit Bitcoin 2022 bottom says BTC is “done” if it falls below this level
A trader who accurately predicted Bitcoin’s (BTC) bottom price in 2022 updates his outlook on the crypto-asset’s flagship.
In a new TechnicalRoundup video, pseudonymous trader DonAlt tells his 49,500 YouTube subscribers that he remains bullish on Bitcoin and that the weekly and monthly charts are why.
According to DonAlt, if Bitcoin falls below $22,000, his optimistic thesis will be invalidated.
“So far so good, right? The purchases we made at $16,000 are almost double that. And there is still work to be done.
Monthly is looking good, monthly is bullish if the next two days go horribly wrong and we fall below $23k, forget I ever said that and hide in your bunkers because we’re screwed at that point. But I doubt that will happen…
The weekly looks good as long as we’re realistically holding $20,000. That means my new devaluation is really below that [$22,000].
Basically, if we get back below that current pulse candle that we’ve had, I think it’s over.”
Source: DonAlt/YouTube
Bitcoin is trading at $28,641 at the time of writing.
At the next key level, if Bitcoin maintains an uptrend, the pseudonymous crypto trader says that “next resistance is at $35,000, so that was the target.”
According to the pseudonymous trader, the banking crisis has created a powerful narrative for the crypto market.
“Basically, bank bailouts are the most bullish thing you can have for crypto. That’s why crypto exists, that’s why a lot of us are in this market. Basically, it’s an eye opener for a lot of people that what’s going on in the world isn’t really right.
It will play the narration that I like. We have a strong narrative now and we have a strong narrative going into bisection. So not only do we have the meme halving pump, we also have a strong narrative for it. So that’s good, it’s a good combination to have.”
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