A crypto analyst who went against the naysayers and bought Bitcoin at its lowest point in 2023 has just given traders a very important update.
In a new video, DonAlt says that he sold a big chunk of his holdings at around $28,700 because he saw possible warning signs in the price movements of the top cryptocurrency.
Even though he thinks a short-term pullback is possible, the trader says he thinks BTC’s overall bull trend is still strong.
“Is it all over? In short, no. I don’t think so. I’m already feeling intense fear of missing out (FOMO), not gonna lie. I took some stuff off of today’s highs and I still feel FOMO.
On the monthly time frame, we broke out last month, which is looking good. This is a clear breakout of seven months of consolidation. We reclaimed most of the Three Arrows Capital fallout. We reclaimed a lot of the LUNA fallout. We reclaimed a lot of things. If you targeted $28,000 at the lows of $16,000 people would have called you crazy. And now we’re debating whether it’s over at $28,000 or not. High time frame, this is going to go up. No real doubt that this is going to be a significant breakout.”
The analyst also said that Bitcoin’s weekly chart looks good, with BTC moving sideways after a big breakout.
But DonAlt says that the daily chart is showing signs of trouble that could mean a sharp and quick drop.
“The troubles begin when you look at the daily. The daily is starting to lean over a little bit, like it’s rounding out. I saw the potential for that at the top, I had a few reasons why I wanted to sell…
But this is still not the end of the world because technically we had a massive move up and we’re now moving sideways. Even if we pull back a little I think it’s going to be a quick one. So worst comes to worst, I think we could go below this BitMEX wick into the $25,000 area. If everything nukes, that’s where I think we could go before moving higher.”
At the time of this writing, the price of BTC is $28,165, which is 0.2% less than it was 24 hours ago.
