A trader who masterfully rode the crypto rally at the start of the year has turned bullish on Bitcoin (BTC) as the crypto king crosses the $30,000 level.
In a new strategy session, pseudonymous analyst DonAlt tells his 51,800 YouTube subscribers that Bitcoin is currently hovering at a level he calls the “decision zone.”
According to the crypto strategist, he thinks Bitcoin could burst through indecision territory at around $30,000, as he believes sentiment for the crypto markets is not at extreme levels.
“If this is the reversal, you have to have a candle going into this indecision zone. There is no other way to go above it than to also go into it.
So for me, looking at this, we’ve tested the indecision zone before — that was in April. There we were rejected. And now we’re right back to where we were.
I was glad I faded it the first time, especially considering that the sentiment started turning hilariously bullish again in that resistance. People gamble on altcoins. People were gambling on memecoins…. So I was very, very excited to sell in that move.
Now I’m much less excited because I don’t think the sentiment is actually even close to where it was back then [BTC] was here first time. Second, this resistance has been tested before, so it is now weaker. Third… actually we had a $16,000 consolidation, we went up, then we had a $23,000 consolidation and then we went up, and now we had a $27,000 consolidation, and you could say, ‘ Hey, this is exactly the same. again.’ As in, we’re probably going to do the same thing we did back then.
So as for me, I’m not going to blur it. It meets with resistance, but I give it space.”
While bullish on Bitcoin, DonAlt warns that the rally could be “cooked” if Bitcoin pulls back near the $26,000 to $27,000 price level.
At the time of writing, Bitcoin is trading at $30,712.
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Image generated: Midway through the journey