Crypto Analyst Advises Traders to Avoid Trading in Bitcoin’s Unreliable Range
DonAlt, a popular pseudonymous crypto analyst, who made an impressive trade with Bitcoin from the 2022 price bottom to the 2023 high, advises traders to be cautious as Bitcoin enters a phase of stability.
According to DonAlt, the current market phase will likely “bleed out” traders with leveraged positions. He recommends avoiding trading within the Bitcoin price range of $20,000 to $30,000, as he believes it is unreliable.
Anything below $30k and above $20k is a lie
We're in the phase of the market in which we bleed out all the leverage traders and it'll go as far up or down in those boundaries as it needs to, to kill em
IMO anyways, have fun, don't get liq'd
— DonAlt (@CryptoDonAlt) April 26, 2023
DonAlt disclosed that he will resume trading only when Bitcoin reaches the $20,000 or above $30,000 level, and he will remain unexposed while Bitcoin trades between $20,000 and $30,000.
According to DonAlt’s advice, traders should avoid being liquidated and wait until Bitcoin reaches either $20,000 or $30,000 before re-entering the market. DonAlt purchased Bitcoin during November 2022 low, closing his position at around 90% profit.
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Bitcoin is currently trading at $28,941. DonAlt’s cautionary advice comes at a time when the cryptocurrency market is experiencing a period of consolidation, with Bitcoin’s price fluctuating within a tight range.
DonAlt believes that this is the phase in which the market bleeds out all the leverage traders and that the price will go as far up or down within those boundaries as it needs to to kill them.