A crypto strategist who correctly called Bitcoin’s (BTC) 2022 price floor thinks the king crypto may be one resistance level away from all-time high.
In a new strategy session, pseudonymous trader DonAlt tells his 48,900 YouTube subscribers that Bitcoin looks really, really good on the monthly timeframe after taking out resistance at $24,000.
According to the popular trader, the breakout is Bitcoin’s first real sign of bullis since November 2021, when BTC hit its all-time high of $69,000.
“[Bitcoin] hasn’t looked this good in a long, long time. Let’s be real right. When we look at the chart, we haven’t had any since the all-time high on the monthly. It’s been a complete sh*tshow. Every resistance did its job. There was really no bounce whatsoever. And technically speaking, if this monthly closes above resistance [around $24,000], that’s actually the confirmation of the breakout, the first bullish signal. I think that could run for a little bit.
Usually, monthly signals run for longer than a candle or two, but they just keep on going… I’m just going to say $35,000 resistance and then if that breaks, I don’t think you want to sell before a new all-time high.”
Looking at the weekly timeframe, DonAlt says that he sees a scenario where Bitcoin could rally close to $33,000 before correcting to $27,000 to set the stage for an attempt to take out resistance at $35,000.
“Stuff like that happens all the time. When you get a rejection just before a big level on a high timeframe and then you have a weak pullback or two weeks into just another push into that monthly resistance, and then it actually shows whether it wants to go up or not.”
