A trader who masterfully rode the crypto rally at the start of the year has flipped bullish on Bitcoin (BTC) as the king crypto eclipses the $30,000 level.
In a new strategy session, pseudonymous analyst DonAlt tells his 51,800 YouTube subscribers that Bitcoin is currently hovering at a level that he calls the “indecision zone.”
According to the crypto strategist, he thinks Bitcoin could burst through the indecision area at around $30,000 as he believes sentiment for the crypto markets is not at extreme levels.
“If this is the reversal, you will have to have a candle that goes into this indecision zone. There’s no way to go above it besides going into it, too.
So for me, looking at this, we tested the indecision zone before – that was in April. We got rejected there. And now we’re straight back to where we were.
I was happy to fade it the first time around, especially given sentiment was starting to be hilariously bullish again into that resistance. People were gambling on altcoins. People were gambling on memecoins…. So I was very, very eager to sell into that move.
Now, I’m much less eager because one, I think sentiment is actually not even close to where it was back when [BTC] was here the first time. Second, this resistance has been tested before, so it’s weaker now. Third… basically we had a consolidation at $16,000, moved up, then we had a consolidation at $23,000 and then we moved up, and now we had a consolidation roughly at $27,000, and you could argue that, ‘Hey this is just the same thing again.’ As in, we’re just going to probably do the same thing that we did back then.
So for me, I’m not going to fade it. It’s at resistance, but I’m giving it room.”
Although DonAlt is bullish on Bitcoin, he warns that the rally might be “cooked” if Bitcoin pulls back close to the $26,000 to $27,000 price levels.
At time of writing, Bitcoin is trading for $30,712.
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Source: https://dailyhodl.com/2023/06/25/trader-who-caught-2023-crypto-surge-predicts-rallies-for-bitcoin-says-btc-sentiment-far-from-overly-bullish/