A crypto analyst who accurately predicted the 2022 Bitcoin bottom believes that the time is now for BTC bulls to show their strength.
Known as DonAlt, the analyst with a following of 62,300 subscribers on YouTube suggests that Bitcoin is poised for a new bull run based on technical indicators.
He points out that the significant correction in August, which pushed BTC below $50,000, acted as a necessary leverage flush out for Bitcoin to make a higher move. DonAlt warns that any signs of weakness at this point could lead to a prolonged bear market for the cryptocurrency.
“The market experienced a strong wipeout, which could signal that we have completed the shakeout phase that typically follows a long consolidation period, and now we could be on the path to an upward trend.”
“If we fail to move upwards from here and break the support at $58,000, it could result in another extended bear market lasting between six to 18 months. However, the likelihood of an upward movement is much higher than a breakdown at this point.”
“I believe we are in a favorable position now, especially after surviving the reasons for a downward move and experiencing the washout. If we revisit those levels, it could have negative implications for the mid-term outlook.”
DonAlt also identifies a crucial price level for Bitcoin bulls, suggesting that a move above this level could ignite a significant rally.
“If Bitcoin manages to reclaim $68,000 on the daily chart, it indicates a reluctance to move lower. A breach above this level could trigger a breakout, even after a potential pullback. This level is key for the bears, but I am cautiously optimistic that they are likely to be proven wrong.”
As of the current writing, Bitcoin is trading at $63,244, showing a decline of over 2% on the day.
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