A crypto analyst who caught the 2022 Bitcoin bottom thinks BTC is close to witnessing a best-case scenario following mostly bearish price action last month.
In a new strategy session, pseudonymous analyst DonAlt tells his 59,200 YouTube subscribers that Bitcoin looks strong after losing $60,000 earlier this month only to recover the key level a few days later.
According to the analyst, the false downside move is a catalyst that could trigger a burst to the upside for BTC.
“That’s just a chad setup. I love those. Almost all the time when I get them where the daily time frame is bearish but the weekly and the monthly are bullish, when that flips you usually make quite a bit of money.”
While DonAlt is bullish on BTC, he doesn’t expect the crypto king to print new all-time highs just yet. The top trader highlights that Bitcoin rallied by over 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 couple of weeks ago: the longer this goes sideways, the better for bulls because we’re basically digesting the move that we had. That was a really, really aggressive move. Usually, you have to digest those by just nuking the entire market, but you can also digest it by just going sideways for long enough.
A false breakdown into sideways afterwards would be the best-case scenario I think.
I generally think as long as you reclaim $62,500, that area, and you don’t lose $61,000 again this just looks really, really good.”
At time of writing, Bitcoin is trading for $64,285.
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The post Bitcoin Flashing ‘Chad’ Setup and en Route to Witnessing Best-Case Scenario, Says Top Crypto Analyst appeared first on The Daily Hodl.
