A crypto analyst who boldly predicted the Bitcoin (BTC) dips that occurred in November is updating his view of the market after a significant downturn.
DonAlt updates Bitcoin outlook after recent pullback
For DonAlt’s previously holding estimates cryptocoin.comYou can take a look at this article. In his current analysis, the popular technical analyst says that anyone who shorts BTC may be making a mistake.
DonAlt says that BTC’s recent uptrend remains intact. This trend is paired with higher lows, which are simply defined by a series of higher highs in price.
The technical analyst said in a recent YouTube update that a major pullback is needed for him to reconsider his belief that this rally is not over yet. DonAlt adds that while he expects recovery from current levels, $20,000 or lower is worrying:
I don’t want to see drastic drops in BTC. Let’s say we go to $20,000, $19,000, that’s when I start to worry a little about my thesis being wrong. Of course it can still go up after this point, but I think my thesis is wrong, which probably makes me want to sell.
Bitcoin is giving mixed signals, according to analytics firms
Bitcoin (BTC) is giving conflicting signals about when the next bull market will begin, according to metrics shared by two different crypto analytics firms supporting DonAlt’s appearance. Santiment says that BTC continues to have a high correlation with the S&P 500, which “limits the possibility of an impending bull run.”
On the other hand, Messari states that Bitcoin moving averages have recently turned into a golden cross. A golden cross occurs when an asset’s 50-day moving average rises above its 200-day moving average. Messari says this is “herald of historically positive returns” over the six-month and one-year periods.
Bitcoin’s number of investors is increasing
Other crypto analytics firm Glassnode states that Bitcoin’s HODLer net position change has reached a three-month high of 49,473,346 BTC. HODLer Net Position Change measures the monthly position change of long-term traders, meaning such traders spent the last month accumulating BTC.
Glassnode also says that the seven-day moving average of Bitcoin’s average transaction size also hit a five-year high of 986,575 BTC on Friday.
cryptocoin.comAs you follow, Bitcoin spends around $ 21,800 on February 12. The leading crypto has been in the green 0.70% in the last 24 hours and is down more than 7% from last week, but is still in profits of around 30% since the start of 2023.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.