In a recent one YouTube interview With TechnicalRoundup, crypto analyst DonAlt revealed that he bought Bitcoin after the asset fell below the $25,000 level. According to the analyst, he also predicted the crypto market bottom in 2022. He had two choices before opening the new BTC position.
DonAlt shares insights on Bitcoin’s next price movements
The reasoning behind his decision to buy Bitcoin is explained: DonAlt told TechnicalRoundup:
We’re at the point where you could make an argument for buying here [around $26,000]. And if you’re wrong, you’ll be stopped and allowed to buy for $19,000. The problem with doing nothing, and the reason why I entered into a trade – I bought a little bit, not too much, but a little bit of Bitcoin – is really because I just suspect that I won’t. otherwise get an entrance.
Continue DonAlt declared that if his prediction is correct, he will exit the trade after reaching a double-digit percentage point profit level. According to him, his profit target is $30,000, but with a neutral sentiment on the trade.
“I’m not too optimistic. I’m not too bearish. The reason why I think this is an interesting trade overall is actually because I think if this fails… if you bust here [below $24,900]. I think we’re going to capitulate. And then we’re really going to capitulate. And we’re going to $20,000. So you now essentially have a void of about $25,000,” he added.
Meanwhile, bitcoin is trading up $26,638 today, September 15, above the $24,900 capitulation zone. And according to another crypto analyst: Ali Chartsthe TD sequential indicator has shown a buy signal for BTC on the weekly chart.
However, he believes that BTC needs to close above $25,600 this week to confirm this sentiment. If this happens, BTC could rise to $28,350 or a maximum of $31,800.
Crypto analyst Titan of Crypto, with more than 44,000 Twitter followers, also chimed in on the assets, saying past performance is no guarantee of future results. However, he believes it is important to compare the current price action with previous ones.
He said that if BTC follows its past price action and there is no negative event before the halving, it could reach $37,500 before retreating.
Will Bitcoin reach the $30,000 mark?
Bitcoin has entered an accumulation phase after crossing the Fibonacci level of 38.2% ($26,406). The buyers control the market, as evidenced by the four consecutive green candles on the daily chart.
However, it faces resistance at the 50% Fib level ($26,738). If buyers continue to apply pressure, BTC will rise to the Fib level of 61.8% ($27,069).
Moreover, the Relative Strength Index (RSI) indicator is showing a reading of 52.11 and is rising from the neutral zone to the buy zone as more traders take long positions. Furthermore, the Moving Average Convergence/Divergence (MACD) is above its signal boundary and showing a strong buy signal.
The green histogram bars confirm that BTC is in a positive price trend. BTC is likely to continue its rally in the coming weeks if buyers keep up their pressure and break above the $26,738 resistance level. although as traders start taking profits, a short retracement will likely occur before the uptrend continues.
Featured image from Pixabay and chart from TradingView.com