A trader who bought Bitcoin (BTC) while bottoming out in November 2022 explained why he sold half of his holdings in the leading cryptocurrency. Here are the details…
DonAlt explains his reason for selling Bitcoin: $19,000 expects
Analyst DonAlt told 47,800 YouTube viewers in a recent video that he liquidated about 50 percent of their Bitcoin holdings. DonAlt claims that technical analysis predicting a drop in the leading cryptocurrency was one of the factors that caused him to ditch his Bitcoin. The analyst uses the following statements:
Where you have multiple timeframes at the resistance, for example here, you get the monthly close and then the weekly close resistance… So if there is some continuation of this on a weekly basis and we get a red candle, this month may also close in red. This means that the resistance is holding. Then, technically speaking, there is a window of opportunity for a drop to $19,000. Because that’s the best monthly support we have. It would also be pretty cool as it’s like an inverted ‘head and shoulders’ formation.
DonAlt also affected by stocks
The trader also claims that the pullback of the S&P 500 index caused him to sell some of his Bitcoin holdings. DonAlt claims his choice was also influenced by the recent rise in meme stocks, such as those from electric vehicle maker Tesla and video game retailer GameStop. The analyst used the following statements:
I found the S&P to be pretty weak against resistance. I expected a massive pullback from S&P, and it really did. He had a really bad week, which I expect to be reflected in our markets. Plus, we had a meme stock rally. Tesla moved from $100 to $200 resistance. I think that might mean we’re taking a bit of a risk… If that kind of decline happens, it will somehow spill over into traditional markets. This could spread to crypto, too.
“You have a lot of things – you have monthly resistance, you have weekly resistance,” the analyst also pointed out, while pointing to many factors to consider. He said that price movements on a daily basis are also starting to show “exhaustion”. “It was like I was looking at it in all the timeframes on Bitcoin, it wasn’t looking this good the first time since the bottom. Tesla made a big rally, so did GME… Maybe we have a few indications that we will face some hurdles.”
What were DonAlt’s previous predictions?
cryptocoin.com As we have also reported, DonAlt became an analyst who came to the fore with his accurate predictions. He knew the $ 6,100 seen in March of 2020. He also predicted that at the beginning of January 2022, BTC would rise 44 percent. He correctly predicted the peak in February of 2020, when BTC would hit above $10,300. On the other hand, he knew that XRP would move above $0.40 in September of 2022.
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