Bitcoin: Correction Acts as Bullish Confirmation, Says Analyst
Crypto trader DonAlt, who rode the Bitcoin (BTC) rally from its 2022 bottom, has shared his updated outlook on the flagship digital asset.
In a recent video shared with his 48,500 YouTube subscribers, DonAlt explains that he will become extremely bullish on Bitcoin if it falls to the $19,000 – $20,000 support level.
Today the cryptocurrency has corrected to that zone, trading at $19,650 at the time of writing of this article.
DonAlt explains that there is still room for Bitcoin to drop on the monthly charts and that the $19,000 – $20,000 range is a crucial support level to watch. He also notes that he is currently in a position where he has taken a loss along with everyone else, having sold at the top of $25,000 and rebought at $23,000.
According to DonAlt, the cryptocurrency could rally to $35,000 if it breaks above the $23,500 resistance level. He points out that there is good resistance at $22,000 and $23,000, and if Bitcoin can break past the $23,500 mark, the next target will be $35,000.
DonAlt believes that around $16,000 is the bottom for BTC and that it has been and will continue to be the bottom. He adds that a good buying opportunity for Bitcoin will present itself if BTC retraces back above $23,000.
READ MORE: Why did Bitcoin Drop Under $20,000?
In DonAlt’s opinion, the most sensible approach for traders would be to wait for Bitcoin to reclaim the $23,000 level and then buy in. While this may not be the best price, it is still an excellent price to enter the market, providing room for further growth. He notes that this approach also carries less risk than playing aggressively, making it a more attractive option for many traders.
In summary, DonAlt remains optimistic about Bitcoin’s prospects in the long run but advises caution in the short term, suggesting that traders wait for key levels of support and resistance before making any significant moves.
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.
