A crypto analyst who rode the Bitcoin (BTC) rally from its 2022 bottom is updating his outlook on the flagship digital asset.
In a new video, pseudonymous crypto trader DonAlt tells his 48,500 YouTube subscribers that he will become extremely bullish toward the king crypto if it falls to the $19,000 – $20,000 support level.
“On the monthly, we still have some room to go. Technically $19,000, $20,000, that’s the support. That’s where I’ll turn very, very bullish again. But we’re not there yet. I’m in position, so I’m taking the loss along with everyone else. I sold the top $25,000 and then I re-bought $23,000.”
Bitcoin is trading at $20,055 at time of writing, a 7.6% drop during the last 24 hours.
According to DonAlt, Bitcoin could rally to $35,000 if it manages to break above the $23,500 resistance level.
“Good resistance here $22,000, $23,000… $23,500 actually. And good support down here [around $19,000 – $20,000]. And if we break that resistance [$23,500], if you pull back here and then bounce, next target [is] $35,000. I’m still believing [around $16,000] is actually the bottom, has been the bottom, [and] will be the bottom.”
The strategist says that a good buying opportunity for Bitcoin will present itself if BTC retraces back above $23,000.
“I think the most sane play is actually just buying the reclaim of $23,000. It’s going to be [the] worst price, but only marginally. And I think if we reclaim $23,000, we’re going to go to $30,000 plus. You still have a lot of room to go from there and you don’t have the risk that you get if you play aggressively.”
IDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Trader Who Sold Bitcoin at $25,000 Reveals When He Will Turn ‘Very Very Bullish’ on BTC appeared first on The Daily Hodl.
