A crypto analyst who rode the Bitcoin (BTC) rally from its 2022 bottom is updating his outlook on the flagship digital asset.
In a new video, pseudonymous crypto trader DonAlt tells his 48,500 YouTube subscribers that he will become extremely bullish toward the king crypto if it falls to the $19,000 – $20,000 support level.
“On the monthly, we still have some room to go. Technically $19,000, $20,000, that’s the support. That’s where I’ll turn very, very bullish again. But we’re not there yet. I’m in position, so I’m taking the loss along with everyone else. I sold the top $25,000 and then I re-bought $23,000.”
Bitcoin is trading at $20,055 at time of writing, a 7.6% drop during the last 24 hours.
According to DonAlt, Bitcoin could rally to $35,000 if it manages to break above the $23,500 resistance level.
“Good resistance here $22,000, $23,000… $23,500 actually. And good support down here [around $19,000 – $20,000]. And if we break that resistance [$23,500], if you pull back here and then bounce, next target [is] $35,000. I’m still believing [around $16,000] is actually the bottom, has been the bottom, [and] will be the bottom.”
The strategist says that a good buying opportunity for Bitcoin will present itself if BTC retraces back above $23,000.
“I think the most sane play is actually just buying the reclaim of $23,000. It’s going to be [the] worst price, but only marginally. And I think if we reclaim $23,000, we’re going to go to $30,000 plus. You still have a lot of room to go from there and you don’t have the risk that you get if you play aggressively.”