A pseudonymous crypto trader and analyst says he will remain bullish on Bitcoin unless BTC loses one key support level.
The analyst known as DonAlt tells According to its 68,000 subscribers to the TechnicalRoundup YouTube channel, Bitcoin will likely continue to rise unless the top cryptocurrency falls below $70,000 on the weekly chart.
“I’m looking at $70,000. If we start losing $70,000 again, I think it’s really over this time. Considering we have the right expansion, we have crossed the $70,000, $71,000 level. If we start to get below this weekly opening, I think we’re done.
Otherwise I’ll just think about it. I’m very happy with it. I bought the last false breakout, and then it went down again, and now it’s above my entry, which is always nice. In general, that’s kind of my denial. We start losing $70,000 again, and then I think we might still be at a disadvantage there.”
The analyst also predicts that Bitcoin will rise more than 26% from its current value to regain the mid-$90,000 range, a level last seen in January.
“I just expect a rise… $82,000 is the next resistance area… I can see myself making some gains in $94,000, $95,000.”
Bitcoin is trading at $75,298 at the time of writing, flat on the day.
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Generated image: Midjourney