A crypto analyst who discovered the 2022 Bitcoin bottom thinks BTC is close to witnessing a best-case scenario after last month’s mostly bearish price action.
In a new strategy session, pseudonymous analyst DonAlt tells his 59,200 YouTube subscribers that Bitcoin is looking strong after losing $60,000 earlier this month, only to recover key levels a few days later.
According to the analyst, the false downward move is a catalyst that could trigger an upward burst for BTC.
“That’s just a chad setup. I love that one. When I come across them, the daily time frame is almost always bearish, but the weekly and monthly time frames are bullish, and when that turns around you usually make quite a bit of money.
Although DonAlt is optimistic about BTC, he does not expect the crypto king to record new all-time highs just yet. The top trader highlights that Bitcoin rose more than 170% from October to March, and he believes BTC needs more time to ‘digest’ the move before exploding to greater heights.
“This is something I said a few weeks ago: the longer this goes sideways, the better for the bulls because we’re basically digesting the movement that we had. That was a really aggressive move. Most of the time you have to digest them by just destroying the entire market, but you can also digest them by going sideways long enough.
A false sideways breakdown in hindsight would be the best case scenario in my opinion.
Overall, I think as long as you gain that area back $62,500, and you don’t lose $61,000 again, it looks really good.”
At the time of writing, Bitcoin is trading at $64,285.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3