Trader Who Nailed 2022 Bitcoin Bottom Says BTC Disbelief Rally Is On – Here Are His Goals
A crypto strategist who accurately predicted Bitcoin’s (BTC) price floor last year believes the crypto king is now in the early stages of a new bull market.
Pseudonymous analyst DonAlt says his 471,000 Twitter followers that many traders still believe Bitcoin is still in a downtrend even after breaking out of a multi-month reversal pattern.
“All I see is disbelief. Not sure if it’s my own that crypto is going to go to zero or if it’s the disbelief of the idiots who think it’s a good idea to short into a banking crisis after a nine month bullish recovery and range.”
The popular crypto trader points to the negative funding rates in various crypto exchanges, indicating that traders are still betting on BTC going down, while supporting his thesis that a disbelief rally is underway.
A disbelief rally traditionally occurs at the start of a bull market, when traders who have been conditioned by the previous bear market still expect prices to eventually go lower despite the asset’s strength.
says DonAlt,
“BTC just broke out of no months of consolidation And this is financing? Need someone smarter than me to explain this to me because this looks completely stupid to me.”
DonAlt also maps out BTC’s worst-case and best-case scenarios. In both scenarios, however, Bitcoin only goes up.
“Worst case: red
Best case: green.”
According to DonAlt, the high time frame can the breakout of BTC propeller the royal crypt to as high as $100,000.
“Greed Post: Now
Not-So-Greedy Enrollment: $25,606
Goal 1: $36,000
Goal 2: $60,000
Goal 3: $100,000.”
At the time of writing, Bitcoin is trading at $27,570.
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Featured image: Shutterstock/maddrest/LongQuattro
