A closely followed crypto analyst has announced that he has re-entered the market by opening a long position on Bitcoin (BTC).
DonAlt is a name known as a successful cryptocurrency analyst and has been sharing his ideas about crypto assets with his followers for a long time. In his last update, he announced an interesting move regarding the current state of Bitcoin. DonAlt shared with his followers that he opened a long position in Bitcoin as it approached a significant level of $27,000. shared.
on the other hand DonAlt also stated that the bullish thesis would be invalidated if BTC falls to around $24,000.
This move seems to reflect DonAlt’s optimistic expectations about the future of Bitcoin. However, DonAlt is not the only name optimistic about Bitcoin. Analyst Credible Crypto also expects an increase in Bitcoin price. The analyst said Bitcoin was on the move after gaining just over 10% since the beginning of the week.
“To keep it as simple as possible: Just as our last move was based at $26,800, our current move is based at $28,600. On top of that, we are going MUCH higher, FAST. If we fall below $28,600, the local uptrend will be violated and we may experience some pullback, but until then, FAST YOUR SEAT BELT!”
Credible Crypto also had this to say about the fate of altcoins amid Bitcoin’s rise:
“The black hole is coming. All the liquidity currently keeping your valuable altcoins afloat will soon be transferred to the leader BTC. Relief for altcoins will come with the break of new highs and then they will shine. But first they will make way for the king.”
Bitcoin is trading at $29,688 at press time.
You can follow the current price movement here.