The cryptocurrency market has been very dynamic lately, and these fluctuations constantly make crypto analysts and investors curious. In this context, gwho correctly predicted the bottom of last year’s bear market analyst DonAlt’s views on Bitcoin brought up a very interesting issue. Here are the details…
Recently, the price movements of Bitcoin (BTC) have followed a very interesting course. While the cryptocurrency market is quite volatile, experienced analyst DonAlt evaluated the possibility of Bitcoin exceeding an important resistance level of $ 28,000.
DonAlt believes that Bitcoin (BTC) threatens to surpass the $28,000 resistance level and therefore suggests that BTC is likely to rebound in the coming period. DonAlt predicts that if Bitcoin (BTC) breaks this important resistance level, the cryptocurrency could reach higher levels such as $42,000. This signals a potential rally in the market that has caught the attention of many investors
“Anyway, my baseline is to maintain $28,000; We either nuke it or go above $35,000 (and maybe even higher). “It’s the Bears’ last line of defense here, so they better take advantage of that.”
Apart from these, DonAlt, who also made statements on YouTube, explained why BTC is on the rise. DonAlt says that despite recent “constructive” price movements, some investors still believe there could be a potential decline in Bitcoin (BTC).
“I look at the charts and see that there has been a fundamental sideways movement-recession for a long time. I’ve been looking at the charts lately and seeing constructive price movements. Then I check the emotion and people say: ‘Yeah, just bears reloading…’
Although I think we have a breakout on the daily chart, sentiment is still very bearish. On October 1, we experienced a break in the diary. There was a candle so large that almost no one could explain why this was happening.
I think we’ve been consolidating around that $28,000 level since then, and for me, based on the weekly resistance, $28,000 is the only real resistance I care about. “It actually excites me a little bit that we’ve stuck with this for so long.”
DonAlt’s analysis also includes a warning that there could be a major selling pressure if Bitcoin (BTC) fails to surpass the $28,000 resistance level.
“If this breaks upwards, we will make a big move. “If it breaks downwards, we will probably go towards $23,000-20,000.”
At press time, Bitcoin is trading at $27,896.
You can follow the current price movement here.