One crypto strategist with a large following is sharing his insights on the most crucial chart for Bitcoin after a brief dip below $80,000 last week.
The analyst known as DonAlt advises his nearly 800,000 followers on X to consider Bitcoin’s long-term performance to gauge its resilience.
“When you take a step back, this is really the only chart that holds significance.
While short-term trends may be challenging, the monthly view remains strong, especially given the various geopolitical challenges we’ve faced.”
DonAlt suggests that Bitcoin’s bullish momentum is likely to continue as long as it stays above $70,000.
On October 15th, Bitcoin dropped to $79,732 before recovering and pushing back towards $85,000. DonAlt points out that this rebound has put Bitcoin in positive territory for the month of October.
“Despite the recent panic, it’s interesting how the monthly candle barely shows a blip.
It’s important to zoom out and avoid unnecessary stress (and losses).”
He also notes that Bitcoin is displaying strength amidst global uncertainties.
“If this minor pullback is all we see, it’s quite remarkable.
A decent bounce off a mediocre support level
All this happening during geopolitical turmoil and expectations of a volatile Monday”
Exciting times; let’s hope it continues.”
In August, DonAlt predicted a bullish move for Bitcoin as it approached resistance near $65,000.
Currently, Bitcoin is trading at $84,225.
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Image Credit: Midjourney
