Crypto Strategist Who Nailed Bitcoin 2022 Bottom Says BTC Is ‘Done For’ If It Plunges Below This Level
A trader who accurately predicted the bottom price of Bitcoin (BTC) in 2022 is updating his view on the flagship crypto asset.
In a new TechnicalRoundup video, pseudonymous trader DonAlt tells his 49,500 YouTube subscribers that he remains bullish on Bitcoin, and so are the weekly and monthly charts.
According to DonAlt, his bullish thesis will be invalidated if Bitcoin falls below $22,000.
“So far so good, right? The purchases we’ve made for $16,000 almost doubled. And there’s still a good chunk left.
Monthly looks good, monthly is bullish if the next two days go horribly wrong and we dump below $23,000, forget I ever said that and hide in their bunkers because we’re pissed at that point. But I doubt that will happen…
Weekly looks good as long as we realistically have $20,000. That said, my new invalidation is something really below this [$22,000].
Basically, if we come back under this current impulse light that we’ve had, I think it’s done for.”
Bitcoin is trading at $28,641 at the time of writing.
At the next key level, if Bitcoin maintains an upward trajectory, the pseudonymous crypto trader says that “the next resistance is $35,000, so that has been the target.”
According to the pseudonymous trader, the banking crisis has created a strong narrative for the crypto market.
“Bank bailout is basically the most bullish thing you can have for crypto. It’s why crypto exists, it’s why a lot of us are in this market. It’s basically opening the eyes of a lot of people that what’s happening in the world is not right.
It becomes the narrative to play, which I like. We have a strong narrative now, and we have a strong narrative going into the halving. So not only do we have the meme halving pump coming, we also have a strong narrative for it. So it’s a good one, it’s a good combination to have.”
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