While Bitcoin (BTC) was trading below $23,000, a cryptocurrency expert who properly anticipated the bottom for Bitcoin in 2022 back in November (BTC) is keeping a careful check on the king cryptocurrency.
The fictitious trader DonAlt is quoted as saying that Bitcoin is currently seeing resistance on all time periods in the most recent issue of Weekly Open.
The cryptocurrency trader who is well watched is of the opinion that Bitcoin’s bullish market structure is still intact despite the fact that Bitcoin is showing signs of respecting barriers around $23,000.
But, he cautions buyers of Bitcoin that time is running out for them. “Well, one thing that we do still have is that we have so far not created a new low, and we’ve hit a higher high… but we haven’t produced a new low yet.
But we still haven’t gotten back up to the $23,000 mark yet. Otherwise, it simply seems to me to be in really poor taste.” DonAlt feels that a BTC decline all the way down to $20,000 is within the range of possibilities if the bulls of Bitcoin are unable to reclaim $23,000 in the immediate term.
A dip down to that level, however, according to the trader, does not necessarily signal that Bitcoin’s breakout in 2023 has come to an end.
This is a market that wants to move up, even if we draw back to $20,000, in my opinion, and that’s what I’m basing my opinion on. To me, it looks exactly like a pullback of one or two months’ duration.
Yet twenty thousand dollars would be a hardship for many folks. It’s not that much of a drive. It’s merely a 10% reduction… I believe this is only a short setback.”