A widely followed crypto analyst who called the 2022 market bottom says that he’s excited about Bitcoin’s (BTC) current price action.
The pseudonymous strategist DonAlt tells his 487,000 Twitter followers that the king crypto’s current price action is more exhilarating to him than the “garbage” action that preceded before.
According to DonAlt, BTC’s current rally, which started when the top crypto asset by market cap was trading for $15,000, should still have fuel left even though BTC has “broken down.”
“BTC update: Broke down.
Many would say this is worse for bulls but this has me more excited than the garbage [price action] before. If this breakdown gets invalidated (close above $27,000), I’d expect this rally from $15,000 to have fuel left. Until then, bulls just gotta be patient.”
Previously, DonAlt had said that the only way for him to turn short-term bullish again is if BTC reclaimed the area around the $25,000 range.
He went on to call that level “the line in the sand,” but later said that it has lost its relevance as BTC is chopping right below it.
“BTC update: $27,400 has lost its relevance, we’ve been chopping too hard right below it.
Leverage plays are shit now, no clear setup anywhere due to chop. That said, the longer this takes the better for bulls, another week or two and I’d think we’ll meander back into the range.”
Bitcoin is trading for $26,772 at time of writing, a 2.11% gain during the last 24 hours.
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