A top analyst who has hit the 2022 Bitcoin bottom believes that BTC bears have already given up their last line of defense.
Pseudonymous analyst DonAlt tells his 571,800 followers on social media platform
“Like I said, coins are good again. The only thing that could stop the bulls would be a nuclear bomb this weekend.
That’s highly unlikely given the track record of the previous weekend and just the general lack of trading activity. I don’t believe in any of the other lines, so coins remain good unless they are under $63,000.
Looking at the trader’s chart, he seems to suggest that the $70,000 level is a “made up resistance” at this point.
In a video update, DonAlt explains why he no longer expects BTC bears to build any resistance around $70,000 – a level that has kept Bitcoin within range for months.
“I don’t really see any good resistance. I think these highs ($70,000) have been tested too many times. So you have four tests here, you come back to $70,000, I wouldn’t want to gamble on that…
The only bearish case I can see right now would be a price below $63,000, such as a weekend dump, which, as I said, is very unlikely.”
In technical analysis, a resistance level tends to lose strength the more it is tested, as sellers run out of supply to unload on the open market.
At the time of writing, Bitcoin is trading at $67,342.
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Generated image: DALLE3