A much-followed crypto analyst who called the 2022 market bottom says he is excited about the current Bitcoin (BTC) price action.
The pseudonymous strategist DonAlt tells his 487,000 Twitter followers that the King Crypto’s current price action excites him more than the “garbage” action that preceded it.
According to DonAlt, BTC’s current rally, which began when the leading crypto asset by market cap traded at $15,000, would still have fuel left even though BTC has “fallen”.
“BTC Update: Broke.
Many would say this is worse for bulls, but this turned me on more than the mess [price action] for. If this breakdown is voided (almost $27,000), I would expect this rally to have fuel left at $15,000. Until then, bulls just have to be patient.”
Previously, DonAlt said that the only way for him to turn bullish again in the near term is if BTC reclaims the area around $25,000.
He went on to phone call that leveled “the line in the sand,” but later said it has lost its relevance as a BTC heels right below.
“BTC Update: $27,400 Has Lost Its Relevance, We Chopped Too Hard Below That.
Lever plays are worthless now, no clear lineup anywhere due to chopping. That said, the longer this goes on the better for the bulls, another week or two and I think we’ll get back into the range.”
Bitcoin is trading at $26,772 at the time of writing, up 2.11% in the past 24 hours.
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