Trader Who Accurately Called 2022 Crypto Bottom Rules Out New Bitcoin Lows – But There’s a Catch
A crypto strategist who accurately predicted the bottom of Bitcoin (BTC) in 2022 says that new bear market levels are not in the crypto king’s future.
However, the pseudonymous crypto trader DonAlt does tell his 476,400 Twitter followers that with Bitcoin’s current value of $30,202, the risk-reward investment ratio is undesirable.
“Pretty easy for me. I’m thinking in between here [about $32,000] and the upper area [about $60,000] is where most of the risk and very little reward is. We’re not going to make new lows IMO (in my opinion), so the closer you get the buy to the bear market, the better.”
Looking at his chart, the crypto trader says investors are better off buying Bitcoin closer to the $20,000 bear market line to have a better risk-reward ratio on the investment. Bitcoin hit a bear market low in November at around $15,700.
He also sets market trends, calling between $20,000 and $30,000 “any market” and the range between $30,000 to $32,000 “determination.” DonAlt says above the $32,000 level is “bull market” territory, which saw Bitcoin’s all-time high of nearly $69,000 in 2021.
The crypto trader says he sold Bitcoin when the royal crypto traded at the $30,000 level earlier this week, and on Friday he sold Litecoin (LTC) and XRP, after buying all three in November.
“Sold BTC the last few days, LTC and XRP today.
BTC ~ Up 90%
LTC ~ Up 65%
XRP ~ Up 50%
It’s been a pleasure, didn’t think I’d get such movements so quickly, but happy about it. I will give it some time before I decide where I want to act next.”
On Tuesday, DonAlt so he earned 2x on his Bitcoin investment.
“Closed the position (for now). I am happy with 2x and will relax for a while until I see another big opportunity. I am not bearish, but I will take it easy in the next few months and think about other things than the BTC price.”
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