A top crypto analyst predicts that Bitcoin’s (BTC) recent market correction could soon come to an end.
Pseudonymous analyst DonAlt tells the 51,200 subscribers of the TechnicalRoundup YouTube channel that Bitcoin is likely close to the bottom of the market.
However, the analyst says that Bitcoin may need to drop more than 20% from its current price before finding the main support level.
“We are getting close to support, but we are getting close to support as we drift lower. I hate that. I don’t want to slide into support…
What I usually think about is when you drift into support I think that could be the low point time wise but we could move into the next support and the next support below this kind of area is $24,000 to $22,000 only $20,000. So the longer this goes on and the slower we go, the more likely I think $20,000 becomes.
DonAlt says he would love to collect BTC when it hits $20,000.
The trader also says he is looking to see if Bitcoin can show signs of strength by reclaiming $27,400 as support.
“But right now I either want to see strength, and this will be best seen in the daily time frame, which would basically just mean going above $27,400. I think that’s a good measure of strength. Because we are now trading below the consolidation we had leading to the top and i would like to trade up there so i can take action or just go lower either/or works for me.
Bitcoin is trading at $26,317 at the time of writing, up more than 3.3% in the past 24 hours.
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Image generated: Midway through the journey