A crypto expert who bucked the critics by purchasing Bitcoin at its 2023 low has recently delivered a big update to other traders.
DonAlt claims in a new video that he liquidated a small amount of his assets at roughly $28,700 after noticing potential warning indicators in the top cryptocurrency’s price swings.
Despite the possibility of a short-term dip, the trader feels BTC’s underlying bull trend remains intact.
“Is it over?” In a nutshell, no. No, I don’t believe so. To be honest, I’m already experiencing extreme FOMO (fear of missing out). I deducted some items from today’s highs, but I still have FOMO.
On a monthly basis, we broke out last month, which is promising. This is an obvious result of seven months of consolidation. We were able to recapture the majority of the Three Arrows Capital fallout. We were able to salvage a large portion of the LUNA debris. A lot of stuff were reclaimed by us. People would have laughed at you if you had set a goal of $28,000 at a low of $16,000 at the time. And now we’re arguing whether or not it’s over at $28,000. This will rise in the short term. There is little question that this will be a huge breakout.”
According to the expert, Bitcoin’s weekly chart is also looking well, with BTC drifting sideways following a huge breakthrough. However, according to DonAlt, the daily chart is displaying warning indicators, indicating the possibility of a steep and swift drop.
“The problems come when you consider the daily. The daily is leaning over slightly, as if it’s rounding out. At the peak, I recognized the possibility for that, and I had a few reasons why I wanted to sell…
But it’s not the end of the world since we had a tremendous move up and are now sliding sideways. Even if we take a step back, I believe it will be a brief one. So, if the worst happens, I believe we can move below the BitMEX wick and into the $25,000 range. If everything nukes, I believe we may go there before advancing higher.”
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