So, there’s this trader who really nailed the 2023 crypto breakout, and guess what? They’re still singing the praises of Bitcoin (BTC), even though it took a dip below $40,000 recently.
In a recent chat with their 56,700 YouTube pals, the mysterious analyst known as DonAlt spilled the beans, saying that despite the whole Bitcoin exchange-traded funds (ETFs) approval turning into a bit of a “sell-the-news” party, BTC managed to sidestep a total price nosedive.
The trader finds it pretty encouraging that Bitcoin didn’t undergo some wild selling frenzy, dubbing it a positive sign for the crypto king.
They share, “I’ve been liking this price action for the last couple of days. I think just in general with how the ETF played out and how we got the sell-the-news event, you would have reasonably expected prices to go lower. But they were very hesitant to do so, and every time they went, it was just a little bit of a trickle-down instead of the typical sell-the-news thing where you just get massive volume and just completely craters.
It could be enough. I’m not team bear anymore. If anything, I’m team wanna-be bull.”
The trader’s take is that Bitcoin seems to be huddling up within a solid uptrend. They reckon that BTC will probably get back into its bullish groove once it manages to tackle the resistance at $44,000.
“The weekly time frame, if you just look at that, if it closes like this and starts breaking out above $44,000…. there’s no good reason to be bearish. Obviously, it can go down afterward but just from a TA (technical analysis) perspective, this is literally as sideways as it can get in a very strong trend.
You would expect that if that sideways range breaks to the upside that you just get follow-through.
Not looking too bad if it continues like this for the weekend and then we have a little bit of a strong showing on Monday. I’m not hating on this chart.”
As of now, Bitcoin is doing its thing at $42,416, proudly up over 9% from its low of $38,678 in the past seven days.