dailyhodl.com 01 October 2024 08:37, UTC

A crypto strategist who caught the 2022 Bitcoin bottom says the clock is ticking for BTC bulls to flex their muscles.

Pseudonymous analyst DonAlt tells his 62,300 YouTube subscribers that technical conditions are ripe for Bitcoin to start a fresh bull run.

According to the top trader, the deep correction in August that drove BTC below $50,000 is the leverage flush out that Bitcoin needs to move higher. The analyst highlights that any sign of weakness now will likely put the crypto king in a position to witness an extended bear market.

“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.

I think we’re in a good spot, but now that we’ve had all of the reasons to go down and didn’t and we had the washout… I think if we go back down there, it just looks bad for the midterm.”

DonAlt also pinpoints a key level for Bitcoin bulls, saying BTC will catch fire if it moves above the price area.

“If you go back to $68,000 on the daily [chart], it just doesn’t really look like it wants to go lower. From a cursory glance at the market, we go back through $68,000 now, even if we get a pullback, you’d expect it to start breaking out.

This is the most important level that the bears have, so I wouldn’t be too aggressively s**t-talking them. But I think they’re probably just wrong, the bears are probably wrong…

So I’m carefully optimistic.”

At time of writing, Bitcoin is trading for $63,244, down over 2% on the day.

Generated Image: Midjourney