Crypto analyst who nailed 2022 Bitcoin bottom says time running out for BTC bulls to ‘prove’ themselves
DonAlt — who writes on crypto trading and has 62,300 YouTube subscribers — says there are technical signs indicating that bitcoin is ready for a new rally.
August 17, 2021: This is a leverage flush out that should allow Bitcoin to move higher in the opinion of top trader Horn. Now any kind of drop here and it will probably put the Crypto King in an extended bear market, the analyst noted.
“The market wiped out so aggressively that it’s totally fair to just be like, ‘Okay, we’ve had a shakeout that we usually get after a long consolidation and now we can go up.’
So if it doesn’t go up now, if we break this support [at $58,000], I think it’s going to be another lengthier bear market where it’s six to 18 months of just chop at the lows. But I think there’s a very, very high chance and much higher than breaking it that we’re just going to go up from here.
I think we’re in a good spot, but now that we’ve had all of the reasons to go down and didn’t and we had the washout… I think if we go back down there, it just looks bad for the midterm.”
In addition, DonAlt identifies a critical area for Bitcoin bulls and states that if BTC clears the given level, it will ignite.
“If you go back to $68,000 on the daily [chart], it just doesn’t really look like it wants to go lower. From a cursory glance at the market, we go back through $68,000 now, even if we get a pullback, you’d expect it to start breaking out.
This is the most important level that the bears have, so I wouldn’t be too aggressively s**t-talking them. But I think they’re probably just wrong, the bears are probably wrong…
So I’m carefully optimistic.”
As of writing these lines, Bitcoin value is $63,244 which makes a 2.24% loss for the day.
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