Bitcoin Forecast: Analyst Who Predicted 2022 Bottom Reveals New Long Position for BTC
In a recent YouTube interview with TechnicalRoundup, crypto analyst Donalt revealed that he bought Bitcoin after the asset dropped below the $25,000 level. According to the analyst the crypto market was also predicted to bottom in 2022, he had two options before opening new BTC positions
DonAlt shares information on Bitcoin’s next price movement
Explaining the reasoning behind his decision to buy Bitcoin, Donalt told TechnicalRoundup:
We’re at the point where you can make an argument for a buy here [around $26,000], And if you’re wrong, you get put out, and you get to buy at $19,000. The problem with not doing anything, and that’s why I made a trade – I bought a little bit, not a lot, but a little bit of Bitcoin – basically, because I’m just guessing that I wouldn’t otherwise get entry. .
Furthermore, Donalt said that if his prediction is correct, he will exit the trade after reaching a profit level of double digit percentage points. According to him, his profit target is $30,000, but with neutral sentiment on the trade.
“I am not very optimistic. I am not very bearish. I think it’s an interesting trade in general, mainly because I think if it fails… if you break even here [below $24,900], I think we’re going to start surrendering. And then we’re going to start the dedication proper. And we’re going to go up to $20,000. So, basically you have about $25,000 invalidated right now,” he added.
Meanwhile, Bitcoin is trading at $26,638 today, September 15, above the $24,900 dedication zone. And according to another crypto analyst, ali chartsThe TD Sequential indicator has displayed a buy signal for BTC on the weekly chart.
However, he believes that for this sentiment to be confirmed, BTC must close above $25,600 this week. If that happens, BTC could jump to $28,350 or $31,800.
crypto analyst titan of cryptoHe, with more than 44,000 Twitter followers, also took issue with the asset, saying past performance does not guarantee future results. However, he believes it is important to compare the current price action to past price action.
He said that if BTC follows its previous price action and no negative events occur before its halving, it could reach $37,500 before a pullback.
Will Bitcoin reach the $30,000 level?
Bitcoin has entered an accumulation phase after breaking the 38.2% Fibonacci level ($26,406). Buyers control the market, as shown by four consecutive green candles on the daily chart.
However, it faces resistance at the 50% Fibonacci level ($26,738). If buyers continue to apply pressure, BTC will rise to the 61.8% Fibonacci level ($27,069).
Furthermore, the Relative Strength Index (RSI) indicator displays a value of 52.11 and is moving from the neutral zone to the buy zone as more traders enter long positions. Furthermore, the Moving Average Convergence/Divergence (MACD) is above its signal line and displays a strong buy signal.
The green histogram bars confirm that BTC is in a positive price trend. If buyers maintain their pressure and break the $26,738 resistance, BTC’s rally is likely to continue in the coming weeks. Although if traders start taking profits, a brief retracement will likely occur before the uptrend continues.
Featured image from Pixabay and chart from tradingview.com
source: www.newsbtc.com