A trader who accurately predicted the floor price of Bitcoin (BTC) in 2022 is updating his outlook on the flagship crypto asset.
In a new TechnicalRoundup video, pseudonymous trader DonAlt tells his 49,500 YouTube subscribers that he remains bullish on Bitcoin and the weekly and monthly charts are why.
According to DonAlt, his bullish thesis will be invalidated if Bitcoin falls below $22,000.
“So far so good, right? The buys that we’ve done at $16,000 almost up 2X. And there’s still quite a bit to go.
Monthly looks good, monthly is bullish if the next two days go horribly wrong and we dump below $23,000 forget I ever said that and hide in your bunkers because we’re f*cked at that point. But I doubt that’s going to happen…
The weekly looks good as long as we realistically hold $20,000. That said, my new invalidation is anything really below this [$22,000].
Basically, if we come back below this current impulse candle that we’ve had, I think it’s done for.”
Bitcoin is trading at $28,641 at time of writing.
On the next key level, if Bitcoin maintains an upward trajectory, the pseudonymous crypto trader says that “the next resistance is $35,000, so that’s been the target.”
According to the pseudonymous trader, the banking crisis has created a strong narrative for the crypto market.
“Bank bailouts are basically the most bullish thing you can have for crypto. It’s why crypto exists, it’s why a lot of us are in this market. It’s basically opening the eyes to a lot of people that what’s going on in the world is not really right.
It becomes the narrative to play, which I like. We have a strong narrative now and we have a strong narrative going into the halving. So we not only have the meme halving pump coming, we also have a strong narrative for it. So that’s a good one, it’s a good combination to have.”
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