An analyst who rode the crypto reversal this year like a pro is releasing his overall plan to re-enter Bitcoin (BTC) as the cryptocurrency king fights to recoup $30,000. This comes at a time when Bitcoin is struggling to reclaim $30,000.
Pseudonymous analyst DonAlt has informed his 480,400 Twitter followers that he intends to take a wait-and-see approach for the time being because he feels that Bitcoin is now trading between important levels.
According to the crypto strategist, before reaccumulating the crypto king, he is waiting for a recapture of $30,000 or a correction all the way down to $20,000 before purchasing it again.
If we are able to get back $30,000, my general objective is to buy back the bitcoins that I sold for around $30,000 each.
If we reach $20,000 again, you can have the Bitcoins that I sold back.
Relax in the space between the two of those.”
DonAlt is also giving a caution to both BTC bulls and bears that it is within the range of possibility for Bitcoin to experience a multi-month chop before a clear trend emerges. This warning is being issued because it is within the realm of possibility for Bitcoin to witness a multi-month chop.
“Maximum suffering is being experienced in all markets. Too many speculators everywhere; we need to drive them out of business, get them back to doing legitimate jobs, and make individuals like me useless on the internet.
Then only upwards from there”
Although the cryptocurrency researcher anticipates that Bitcoin will trade in a rather broad range so long as its price remains lower than $30,000, he does not believe that BTC will fall below its bear market bottom of approximately $15,700.
“I said that we won’t be seeing new lows again,” she explained.