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Bitcoin (BTC) remains stable around $27,100, a skilled analyst who profited from the recent crypto market recovery may become optimistic about it. In the analyst’s opinion, Bitcoin’s performance may be shifting in a positive direction.
Anonymous trader DonAlt shared a recent strategy session. He has 50.8k YouTube subscribers. The fact that Bitcoin (BTC) bears couldn’t capitalize on their defense of the $30k price level indicates Bitcoin’s upward trend isn’t over.
DonAlt believes the crypto market is in a long-term bull cycle, and that Bitcoin’s price could continue to rise. Investors should look for long-term opportunities to buy Bitcoin.
Bitcoin’s price often falls rapidly when it encounters significant resistance, according to DonAlt. The fact that Bitcoin is currently consolidating near $30,000 can be viewed as a positive sign, he says.
According to DonAlt, Bitcoin’s price is consolidating now, which could mean an upward trend. In his opinion, it’s a good time to invest in Bitcoin and accumulate it. In the near future, DonAlt thinks Bitcoin will break out of its current range and go over $30k.
$30k and Beyond for Bitcoin
“Like I said on the monthly, we’ve had a breakdown here, and so far nothing’s happened, and I think that’s a good thing for bulls. Every week that goes by I will become more and more bullish, even if (the) price doesn’t change. Obviously, if (the) price goes up, I’m just going to flip back bullish entirely…
If you look at previous tops and how they play out, it’s very rare that they don’t have big candles in general and that they don’t play out fast. And this one just looks like a consolidation more so than a breakdown now… We’ve had a breakdown, but it did not lead to anything, and that usually means, in crypto at least, means upside.”
As for DonAlt, he’s waiting for signs of strength before starting to accumulate bitcoins.
“I’ve actually started playing on the bullish side again a little bit but nothing major. But that’s where my head’s at based on the fact that we should have moved, (but) we didn’t…
The ‘Is it lag?’ argument only lasts for so long… The lag argument you can make for a couple of days, maybe for a week or two. But if it persists, it’s pretty hard to argue that way. And I think it’s the same here. Basically, the breakdown argument gets harder and harder to make the longer it takes.”
As of this writing, Bitcoin is trading at $27,930.
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