Popular analyst DonAlt announced that Bitcoin (BTC) has re-entered the market after briefly falling below the $25,000 support level earlier this week. As an analyst with a wide following in the cryptocurrency market, DonAlt is known for his proficiency in predicting Bitcoin’s price movements.
In his statement on the TeknikRoundup YouTube channel, DonAlt said that he faced two options before opening a new position in Bitcoin.
“We’re at the point where you can make an argument for buying here (about $26,000). And if you are wrong, you stop out (your position is closed) and buy at $19,000.
The problem with doing nothing and the reason I traded (a little bit, not a lot, but I bought some Bitcoin) is basically because I guess I wouldn’t have logged in otherwise.”
According to the analyst, if this trading idea is successful and the Bitcoin price starts to rise again, he intends to exit the trade once it reaches the $30,000 level.
“The target is over $30,000, let’s see how it goes.”
Bitcoin is trading at $26,342 at press time. If this strategy is invalidated about 5% south of the current level, “appropriate capitulation” will occur, according to DonAlt. According to the analyst, the $ 25,000 level is quite critical:
“I’m not too bullish. I’m not too bearish either. The reason I think this is an interesting trade overall is because basically, if this fails… if there is a breakout here (below $24,900)… I think we will start to capitulate. (…) And we will go to $20,000. So right now you basically have an override of around $25,000.”
You can follow the current price movement here.