Top crypto strategist says that Bitcoin (BTC) to $ 22,000 is where “dreams are made” – here’s what it means
A closely monitored crypto strategist who built his followers with contemporary Bitcoin (BTC) calls says $ 22,000 is a make or break level for the royal crypto.
Pseudonym analyst DonAlt tells his 414,000 Twitter followers that he keeps an eye on how Bitcoin reacts as it slowly grinds up to $ 22,000.
“Seeing this is as exciting as watching paint dry. $ 22,000 is still where dreams are created. Either we fail spectacularly there or sunbathe in honor. There are honestly good beef and bear arguments to come up with here. I still like to be bullishly positioned more though. “
At the time of writing, Bitcoin is changing hands for $ 20,737, down over 3% over the last 24 hours.
Although BTC has not managed to rise above $ 22,000 twice in two weeks, DonAlt points out that the leading digital asset is starting to flash with a bullish market structure in the low time frame.
“Broke out of the low time frame. As a rule, [I] do not think levels are too important here. The market structure is much more like this. This is the first time in a long time that we have actually set a higher low and a higher high. [Above] $ 22,000 and I could see us fill the huge three-arrow capital gap. ”
DonAlt refers to the massive $ 28,000 sale that was ignited by the collapse of the crypto hedge fund Three Arrows Capital. According to the crypto strategist, a move over $ 22,000 could drive BTC to its next resistance, which is around $ 30,000.
«Hate hater. Support supports. Still a LOT of work to do, but I still like this chart very much. Do not shout at the end of the bear, just for a significantly naughty return. “
In trading, average reversion is the theory that prices will return to their averages after an extreme move. In the case of Bitcoin, DonAlt suggests that BTC is due for an average return after falling from around $ 30,000 all the way down to $ 17,600 in a matter of days.
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Featured image: Shutterstock / Sergey Nivens / Chuenmanuse
