Bitcoin bulls are on the clock according to a crypto strategist who accurately predicted the 2022 Bitcoin bottom. DonAlt, a pseudonymous analyst with a following of over 62,000 YouTube subscribers, believes that the technical setup is in place for Bitcoin to start a new bull run.
The analyst points to the significant correction in August that pushed Bitcoin below $50,000 as the necessary leverage flush out for the leading cryptocurrency to move higher. DonAlt emphasizes that any signs of weakness at this point could potentially lead to an extended bear market for Bitcoin.
In his own words, DonAlt states, “The market wiped out so aggressively that it’s totally fair to just be like, ‘Okay, we’ve had a shakeout that we usually get after a long consolidation and now we can go up.’ So if it doesn’t go up now, if we break this support [at $58,000], I think it’s going to be another lengthier bear market where it’s six to 18 months of just chop at the lows. But I think there’s a very, very high chance and much higher than breaking it that we’re just going to go up from here.”
The analyst also highlights a key level for Bitcoin bulls, indicating that if Bitcoin surpasses the $68,000 mark on the daily chart, it is likely to ignite a breakout. He cautiously expresses optimism about the current situation, acknowledging the importance of this level for both bulls and bears.
As of the time of writing, Bitcoin is trading at $63,244, experiencing a slight decrease of over 2% for the day. With the market dynamics in play and the potential for a new bull run, investors are closely watching Bitcoin’s price movements.
In conclusion, DonAlt’s analysis suggests that Bitcoin is at a critical juncture where a breakout above key levels could signal a bullish trend. However, failure to capitalize on the current momentum could lead to a prolonged bear market for the cryptocurrency. Investors and traders are advised to monitor Bitcoin’s price action closely in the coming days to gauge the direction of the market.
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