Bitcoin and Litecoin to Pull Back, Says Analyst
Crypto trader shares his portfolio adjustments, which involve taking profit on a significant portion of his holdings in three large cryptos.
Crypto Analyst Takes Profit on Holdings
Crypto analyst and trader DonAlt, who turned bullish on Bitcoin (BTC) when it bottomed out, is changing his portfolio.
DonAlt recently told his 463,000 Twitter followers that he’s taking profits on a significant part of his holdings. In November, the pseudonymous analyst purchased BTC, Litecoin (LTC), and XRP. However, now that BTC has closed at monthly and weekly resistance, DonAlt is reducing his oversized positions by ~50%.
Performance of holdings
DonAlt’s holdings have performed well, with BTC and LTC up 60% since he purchased them in November. XRP, on the other hand, has remained relatively stagnant, with just a 10% increase.
Reduced my oversized positions by ~50% overnight to secure some profits given both BTC monthly and weekly closed at resistance
Since the initial post, these positions are:
BTC – Up 60%
LTC – Up 60%
XRP – Up 10%I'll most likely rotate profits back in in the next 1-3 months
— DonAlt (@CryptoDonAlt) February 21, 2023
Expectations for the market
The trader expects that BTC and altcoins will retrace in the next one to three months, with BTC winding down to the $20,000 range. At that point, he plans to re-enter the market and expects BTC to resume its 2023 uptrend.
Further adjustments
DonAlt says he will consider taking additional profits in the $30,000 range if Bitcoin does not retrace and continues to rise from its current price.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
