A closely followed crypto strategist and trader is unveiling a scenario where Bitcoin (BTC) regains its bullish momentum and skyrockets over 80% this year.
In a new strategy session, pseudonymous analyst DonAlt says that Bitcoin is trading in a wide range in the weekly timeframe between $33,000 and $60,000.
According to DonAlt, the massive range offers two solid entry opportunities for BTC.
“There [are] two places where you can take a trade in this instance: one the range low ($33,000), which I did. And then two, and I’m going to take that trade if it presents itself, is breakdown into reclaim [of $33,000] into okay… mega moon it [to $60,000].”
A move from the range low of $33,000 to the high at $60,000 represents an upside potential of 81.82% for BTC.
Although the crypto strategist is bullish on the idea of temporarily losing $33,000 support, he explains to his 380,200 Twitter followers why going below that key level is dangerous for BTC.
“Honestly, the last thing I’m gonna do is bid $28,000. It’s like bidding the failure of $6,000 in 2018. Why would you wanna do that? If we should lose the current range ($33,000-$60,000) I’d much rather buy once we reclaim the range low or much much lower.”
During the bear market of 2018, Bitcoin breached support at $6,000 and lost nearly 50% of its value in less than one month.
In the short term, DonAlt doubts that Bitcoin will rally to as high as $44,000 during this initial bounce.
“Daily honestly looking kinda wild. Expecting Twitter experts to flip back bullish somewhere between the two next resistance lines. Praying we get that far.”
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Source: https://dailyhodl.com/2022/01/31/top-crypto-analyst-unveils-mega-moon-scenario-for-bitcoin-btc-this-year-but-theres-a-catch/