The top trader says Bitcoin remains in a strong uptrend despite the pullback and predicts a recovery if BTC breaks this level
A trader who witnessed the 2023 crypto breakout says Bitcoin (BTC) is still looking strong even after breaking below $40,000 last week.
In a new strategy session, pseudonymous analyst DonAlt tells his 56,700 YouTube subscribers that while the approval of Bitcoin exchange-traded funds (ETFs) turned out to be a big seller, BTC still managed to avoid a complete price collapse.
According to the trader, the lack of large BTC sales is a positive sign for the crypto king.
“I liked this price movement in the last few days. I think in general, given the performance of the ETF and the way we got to the sell-the-news event, one would reasonably have expected lower prices. But they were very hesitant to do this, and every time they went, it was just a small leak instead of the typical sell-the-news thing where you just get huge amounts and complete craters.
It could be enough. I'm no longer a team bear. If anything, I’m the team wannabe cop.”
The trader also says that Bitcoin appears to be consolidating in a strong uptrend. He says BTC is likely to regain its uptrend once it clears the resistance at $44,000.
“The weekly time frame, if you just look at it, if it closes like that and starts to break out above $44,000…” There’s no good reason to be pessimistic. Of course it can still go down after that, but only from a TA (technical analysis) perspective it is literally a sideways movement, as only possible with a very strong trend.
If this sideways range breaks out to the upside, one would assume it's easy to keep going.
It doesn't look so bad if things continue like this over the weekend and then we show a somewhat strong performance on Monday. I don’t hate on this chart.”
Source: DonAlt/YouTube
At the time of writing, Bitcoin is trading at $42,416, up over 9% from its seven-day low of $38,678.
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