Analyst Who Perfectly Called Bitcoin Boom Issues Major Update To Crypto Traders
A crypto analyst who defied the naysayers and bought Bitcoin at the 2023 bottom just gave a big update to fellow traders.
In a new video, DonAlt says he sold only a significant portion of his holdings at around $28,700 after seeing potential warning signs in the top cryptocurrency’s price movements.
While he sees the potential for a short-term pullback, the trader says he believes BTC’s overall bull trend is intact.
“Is it all over? In short, no. I do not think so. I already feel intense fear of missing out (FOMO), I won’t lie. I took a few things from today’s highs and I still feel FOMO.
On the monthly time frame, we broke out last month, which looks good. This is a clear breakout of seven months of consolidation. We recovered most of the Three Arrows Capital fallout. We reclaimed much of the LUNA fallout. We brought back a lot of things. If you targeted $28,000 on the low of $16,000 people would have called you crazy. And now we’re debating whether it’s over $28,000 or not. High time frame, this is going to go up. No doubt this is going to be a significant breakout.”
According to the analyst, Bitcoin’s weekly chart also looks good, with BTC moving in sideways consolidation after a massive breakout.
But the analyst says the daily chart shows potential warning signs, signaling the potential for a sharp and swift pullback.
“The trouble starts when you look at the daily. The daily starts to lean a little bit, like it’s rounding off. I saw the potential for it at the top, I had some reasons why I wanted to sell…
But this is still not the end of the world, because technically we had a massive rally and we are now moving sideways. Even if we pull back a bit, I think it will go quickly. So worst comes to worst, I think we can go below this BitMEX wick to the $25,000 area. If everything is nuked, that’s where I think we can go before we move higher.”
BTC is trading at $28,165 at press time, down 0.2% in the last 24 hours.
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