Bitcoin analyst predicts new long positions for BTC.
During a recent YouTube interview with TechnicalRoundup, crypto analyst DonAlt disclosed that he made a purchase of Bitcoin when the asset's price dropped below the $25,000 mark. In addition to this, the analyst also made a prediction about the potential market bottom in 2022. Prior to opening his new BTC position, he considered two options. Bitcoin analyst predicts new long positions for BTC.
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DonAlt Shares Insights On Bitcoin’s Next Price Moves
Explaining the reasoning behind his decision to purchase Bitcoin, DonAlt told TechnicalRoundup:
We’re at the point where you could make an argument for buying here [around $26,000]. And if you’re wrong, you get stopped out, and you get to buy at $19,000. The problem with kind of not doing anything, and the reason why I took a trade – I bought like a little bit, not too much, but a little bit of Bitcoin – is, basically, because I’m just guessing that I will not get an entry otherwise.
DonAlt has revealed that he plans to exit the trade once he achieves a double-digit percentage profit, with a profit target of $30,000 and a neutral sentiment on the trade. He believes that the trade is interesting because if it fails and drops below $24,900, it could lead to capitulation and a drop to $20,000. As of September 15, Bitcoin is trading at $26,638, above the capitulation zone. Another crypto analyst, Ali Charts, has noted a buy signal for BTC on the weekly chart, but BTC must close above $25,600 this week for the sentiment to be confirmed. Titan of Crypto, a crypto analyst with over 44,000 Twitter followers, has compared the present price action of BTC to previous ones and believes that if BTC follows its past price action and there is no negative event before its halving, it can attain $37,500 before a pullback.
Will Bitcoin Hit The $30,000 Mark?
Bitcoin has recently entered an accumulation phase as it broke above the 38.2% Fibonacci Level ($26,406). The current market seems to be controlled by buyers, which is evident from the four consecutive green candles on the daily chart.
However, it is currently facing resistance at the 50% Fib level ($26,738). If the buyers continue to mount pressure, BTC is expected to rise to the 61.8% Fib level ($27,069).
The Relative Strength Index (RSI) indicator is displaying a value of 52.11, and it is rising from the neutral zone into the buy zone as more traders enter long positions. Additionally, the Moving Average Convergence/Divergence (MACD) is above its signal liner and displaying a strong buy signal.
The green Histogram bars confirm that BTC is in a positive price trend. In the coming weeks, BTC is expected to continue its rally if buyers sustain their pressure and break above the $26,738 resistance level. However, if traders begin to take profit, then a brief retracement is likely to occur before the continuation of the uptrend.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.