A crypto trader who correctly predicted the 2022 Bitcoin bottom is feeling optimistic about Bitcoin’s future, but with a significant caveat.
Bitcoin’s Bullish Outlook
DonAlt, a well-known analyst with a YouTube following of over 65,000, remains bullish on Bitcoin. He points to recent weekly price action as a positive sign. Specifically, he highlights Bitcoin’s ability to recover after dips below key support levels. He suggests that a weekly close above $90,000 would confirm a bullish setup and maintain the current upward trend. A move above $104,000, according to DonAlt, would signal a much stronger bullish trend.
The Bearish Counterpoint
However, DonAlt isn’t entirely without reservations. He notes a less optimistic outlook on the daily and monthly charts. He sees a strong short-selling opportunity around the $90,000 mark, with a stop-loss around $95,000 and potential targets as low as $70,000. Essentially, he believes there’s a good chance for a price drop despite the positive weekly indicators.
Current Market Conditions
At the time of writing, Bitcoin is trading around $87,508. DonAlt’s analysis presents a mixed outlook, with potential for both significant gains and losses depending on how the price action unfolds in the coming weeks. It’s important to remember that this is just one analyst’s opinion and that cryptocurrency investments are inherently risky.
