Could the Bitcoin Rally be Over?
A German crypto trader has updated his outlook on the largest cryptocurrency by market cap after a significant pullback.
The pseudonymous DonAlt, known for his anthropomorphic duck alter ego on Twitter, has 460,000 followers.
Bitcoin uptrend intact
DonAlt says that anyone shorting Bitcoin (BTC) may be making a mistake and that the assets’ recent uptrend remains intact.
In a recent YouTube update, DonAlt said it would take a significant pullback to make him reconsider his belief that this rally is not over.
I’m gone for a week and all I’m seeing is a bunch of people proudly shorting a higher low
— DonAlt (@CryptoDonAlt) February 11, 2023
Rally concerns
DonAlt stated that if Bitcoin drops to $20,000 or $19,000, he will be concerned that his thesis may be wrong. The trader added that while the price could still go up after that point, he would think that his idea needs to be corrected, making him want to sell.
However, he does not think anything can push him out of his position.
READ MORE: What is the Impact of Central Bank Digital Currencies (CBDCs)?
Recent price movement
Bitcoin hit a low of $15,724 on November 9th last year and touched $24,182 on February 1st.
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.
