Top Analyst Predicts Market Turnaround For BTC And ETH
An analyst who correctly predicted the crypto market turnaround this year and bought Bitcoin and Ethereum in November says he will stop being bullish on the market if BTC falls below a key support level.
The fake analyst DonAlt tells his 46,800 YouTube subscribers that Bitcoin’s rise from its low point in 2022 is important, but the bull case for the king cryptocurrency could be thrown out if the top crypto asset by market cap falls below $19,000.
“[Bitcoin is] up 50% since the low [~ $15,500], which is quite significant… [It is] chilling above areas that it has to be above. And as long as we don’t lose $18,000/$19,000, nothing changes. I’m going to be bullish until we lose $19,000.”
At the time of this writing, Bitcoin is worth $23,044, which is a small gain over the last 24 hours. The trader said that if the $19,000 support level breaks, Bitcoin could even fall below its low in 2022, which was $15,500.
“If you go down to $19,000… then you’d make new lows.”
DonAlt says that he is keeping his positions and that he doesn’t think the current crypto rally is over yet.
But if Bitcoin keeps going up, DonAlt says his favorite price point to take profits is around $32,000.
“Just makes sense to be bullish. But I don’t know where to buy pullbacks and I don’t know where to take profits other than $32,000, just based on the fact that I wouldn’t want to sell into [the] $24,000 level. I don’t like it. I don’t like any monthly level either unless it’s like $35,000, which is roughly in the area of $32,000 as well.”
The trader says he is still bullish on Ethereum, even though ETH hasn’t done as well as Bitcoin in recent days.
He doesn’t think the second-largest cryptocurrency will run into much trouble until it gets close to $2,200.
“My thesis is basically we retested the monthly support at $1,100 and there’s no real level that I like between $1,100 and $2,2200 – so let’s go to $2,200.”
Overall, DonAlt says he’s mostly keeping an eye on Bitcoin to make sure it stays at a key support level. Based on how Bitcoin does, he’ll decide what to do with altcoins.
