Trader Calling Crypto Turnaround 2023 Warns Bitcoin Offers Maximum Opportunity to Bears — Here’s Why
One trader who ably mastered Bitcoin’s (BTC) 2023 breakout rally says the crypto king is hovering in a zone that offers bears maximum reward but minimum risk.
Pseudonymous analyst DonAlt tells his 482,300 Twitter followers that Bitcoin is trading below its “indecisiveness” level around the $30,000 price range.
According to the crypto strategist, Bitcoin has retested the indecisiveness level as resistance, suggesting a deeper correction for BTC is on the horizon.
“Had a pretty good week, unfortunately will most likely end as a bearish retest of the indecision zone. Max Risk: Reward for shorts here, but I’d rather just wait until it’s bullish again, I don’t care if that will be higher or lower.
Source: DonAlt/Twitter
As for its downside target for Bitcoin, DonAlt says BTC could fall as low as $20,000 and still remain macro-bullish.
“The monthly price would be bullish even at $20,000. So if you don’t really care about a drop, there’s no point in selling it.”
Source: DonAlt/Twitter
DonAlt is also issuing a warning, saying that as long as BTC hovers above $20,000 but below $30,000, Bitcoin could penalize leveraged traders.
“Anything under $30,000 and over $20,000 is a lie. We are in the phase of the market where we are bleeding out all leverage traders and it will go up or down within these limits as much as it takes to kill them.
At the time of writing, Bitcoin is trading at $28,003.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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