A crypto trader who rode the Bitcoin (BTC) rally from the November 2022 low all the way to the 2023 high is detailing a market re-entry strategy.
Pseudonymous analyst DonAlt tells 52,900 subscribers of the TechnicalRoundup YouTube channel that the potential approval or rejection of a spot Bitcoin exchange-traded fund (ETF) in the US will offer an entry opportunity.
“If we get an ETF, there’s a chance that we’re just going to go to $32,000 – $35,000 given the recent weakness. This is a crypto-specific weakness and people are very willing to sell and it could be that people just start selling again at $32,000, $34,000, $35,000 if we get ETF approved.
If we get it [spot Bitcoin ETF] denied, we’re going to go, I think, to $20,000, $19,000…
That’s kind of what I’m looking at: ETF denied, look to buy $19,400. ETF approved, look to buy as soon as I can after the news hit and sell into $32,000 – $35,000.”
Bitcoin is trading at $26,394 at time of writing.
According to the analyst, if Bitcoin rallies past profit-taking levels on good news, BTC is likely to correct and offer re-entry opportunities.
“Even if, let’s say we rally and we go to $35,000 and I sell and it just goes vertical, I think we’re going to retest that on a pullback and then I can just get back in.
And if it does what crypto has been doing in recent times – it goes up on good news and then it notices no one is buying then, it could just come back into this range [around $25,000 – $32,000] and range some more.”
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