A widely followed crypto analyst who called the bottom of the 2022 market says he is excited about the current Bitcoin (BTC) price action.
The pseudonymous strategist DonAlt says his 487,000 Twitter followers that the crypto king’s current price action is more exciting to him than the “trash” action that preceded it before.
According to DonAlt, BTC’s current rally, which began when the top crypto asset by market cap was trading at $15,000, should still have fuel even though BTC has “broken down.”
“BTC Update: It’s broken.
Many would say that this is worse for the bulls but this has me more excited than garbage [price action] before. If this breakdown is invalidated (close above $27,000), I would expect this $15,000 rally to have some fuel left. Until then, the bulls just have to be patient.”
Previously, DonAlt had saying that the only way for it to go bullish again in the near term is if BTC recaptures the area around the $25,000 range.
he went to call that level is “the line in the sand”, but he later said that it has lost its relevance as BTC is the cutting just below him.
“BTC Update: $27,400 has lost its relevance, we have been cutting too much just below it.
Leverage plays are crap now, no clear set up anywhere due to chop. That said, the longer this takes the better for the bulls, another week or two and I think we’ll be back in the range.”
Bitcoin is trading at $26,772 at the time of writing, a gain of 2.11% over the past 24 hours.
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