Bitcoin
Blue Skies Ahead for Bitcoin, According to the Trader Who Caught the BTC Bottom in 2022 – Here’s His Outlook
A top analyst who hit Bitcoin bottom in 2022 believes that BTC the bears have already surrendered their last line of defense.
Pseudonymous analyst DonAlt told his 571,800 followers on social media platform X that the sky is blue for BTC, meaning there is no longer any resistance to stop Bitcoin from reaching higher heights.
“Like I said, currencies are good again. The only thing that could stop the bulls would be a nuke this weekend.
This is highly unlikely given the previous weekend’s history and just the general lack of trading activity. I don’t believe in any of the other lines, so the coins remain good unless they are below $63,000.”
Source: NoAlt/X
Looking at the trader’s chart, he appears to suggest that the $70,000 level is “made-up resistance at this point.”
In a video update, DonAlt explains why he no longer expects BTC bears to create any resistance in the $70,000 area — a level that has kept Bitcoin range-bound for months.
“I don’t really see good resistance. I think these highs ($70,000) have been tested many times. So you have four tests here, you go back to $70,000, I wouldn’t want to bet against that…
The only bearish case I can see right now would be a close below $63,000 like in a weekend dip, which as I said is very unlikely.”
In technical analysis, a resistance level tends to lose strength the more times it is tested, as sellers run out of inventory to unload into the open market.
At the time of writing, Bitcoin was trading at $67,342.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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