DonAlt Looks Into Bitcoin, To Flip Bearish BTC Would Have to Drop To $44K

According to a prominent cryptocurrency analyst and trader, known as DonAlt, Bitcoin (BTC) remains bullish until the price action shows otherwise.

In a recent video, DonAlt looks into the price action of the leading crypto asset, and points out that BTC is currently facing a weak resistance area in the weekly timeframe, while it continues to trade above $50,000.

“For me, you can argue that this is one [resistance at $60,000]. But for me, this has been tested so many times… I think there’s a good chance that we get checked here for a time, but I don’t think it’s going to hold longer-term. So I’m just going to remain bullish until I see weakness. Right now, I don’t really see too much of any kind of weakness. So [I’m] bullish until proven otherwise.”

DonAlt sees no problems for Bitcoin to continue climbing on the daily timeframe.

“Right now, on the daily, there’s no resistance left in my opinion, which is pretty good. As long as we’re holding the lower $50,000s, even the short timeframes look stupidly bullish.” 

It would require a significant correction on the BTC price, to flip his bullish stance.

“Anything above here is bullish in my view. So anything above $44,000 and that’s quite a bit away now. That invalidation hasn’t changed… If you start going back down there then you have lows ($40,000) that have been tested [a] bunch of times. I don’t think those would hold again.”