Crypto Expert Reveals Long Position on Bitcoin, Targets $30,000
A crypto analyst who accurately predicted the market’s bottom in November 2022 is re-entering the market as Bitcoin recently dipped below $25,000.
He outlined a cautious trade strategy with a profit target above $30,000, while Bitcoin maintains a 5-month high in unique address activity.
As the news around FTX’s digital assets sale settled down, Bitcoin along with the broader cryptocurrency market registered a healthy bounceback. Bitcoin is once again trading above $26,500 levels with its market cap greater than $516 billion.
Some market analysts have also been predicting the beginning of the next Bitcoin bull run. A crypto analyst who accurately forecasted the crypto market’s bottom in November 2022 is making a return to the market. This decision comes as Bitcoin (BTC) recently dipped below the critical $25,000 support level earlier this week.
Speaking to the 53,100 followers of the TechnicalRoundup YouTube channel, the pseudonymous crypto strategist known as DonAlt outlined the thought process behind his decision to re-enter the Bitcoin market. DonAlt noted:
“We’re at the point where you could make an argument for buying here [around $26,000]. And if you’re wrong you get stopped out and you get to buy at $19,000. The problem with kind of not doing anything, and the reason why I took a trade – I bought like a little bit, not too much, but a little bit of Bitcoin – is, basically, because I’m just guessing that I will not get an entry otherwise.”
Bitcoin Price Going Above $30,000
The analyst has set a profit target in the double-digit percentage range for his trade idea. He plans to exit the trade once it reaches a level above $30,000, although he intends to monitor its progress as it unfolds. Currently, Bitcoin is trading at $26,342.
DonAlt noted that “capitulation proper” will ensure that the trade idea shall be invalidated at an additional 5% drop from the current price levels.
“I’m not too bullish. I’m not too bearish. The reason why I kind of think this is an interesting trade in general is, basically, because I think if this fails… if you break down here [below $24,900]… I think we’re going to start capitulating. And then we’re going to start capitulating proper. And we’re going to go to $20,000. So you basically have an invalidation around $25,000 right now,” the analyst noted.
Bitcoin On-Chain Data
Bitcoin has maintained its 5-month high in terms of unique address activity, with an average of 1.1 million BTC addresses actively sending and receiving coins on a daily basis. Moreover, the recent 5% increase in price over the last three days has led to a significant uptick in profit-taking, reaching a level not seen in two months as of today.
Courtesy: Santiment
On the technical charts, the Bitcoin price could be seeing some price drop further before starting the next parabolic bull rally.
Could we see this Bearish Bitcoin Fractal play out for the third time?$BTC #Crypto #Bitcoin pic.twitter.com/4GcznfH4gl
— Rekt Capital (@rektcapital) September 16, 2023
Filed under: Bitcoin - @ September 17, 2023 6:56 pm