Trader Who Called Crypto Bottom Accurately in 2022 Rules Out New Bitcoin Lows — But There’s a Catch
A crypto strategist who accurately predicted Bitcoin (BTC)’s 2022 bottom says new bear market bottoms are not in the future of king crypto.
However, pseudonymous crypto trader DonAlt tells his 476,400 Twitter followers that the risk-reward-investment ratio is undesirable at Bitcoin’s current value of $30,202.
“Very easy for me. I think in between here [about $32,000] and the upper area [about $60,000] Here is the most risk and very little reward. We’re not going to make any new lows (IMO) so the closer you get to buying at the bear market line the better.”
Source: DonAlt/Twitter
Looking at his chart, the crypto trader says investors are better off buying bitcoin closer to the $20,000 bear market line in order to have a better risk/reward ratio on their investment. Bitcoin hit a bear market low of around $15,700 in November.
He also sets market range trends, calling $20,000 to $30,000 the “which market” range and $30,000 to $32,000 “indecisiveness.” According to DonAlt, above $32,000 is the “bull market” range where Bitcoin hit its all-time high of nearly $69,000 in 2021.
The crypto trader says he sold bitcoin when the crypto king was trading at the $30,000 level earlier this week, and on Friday sold Litecoin (LTC) and XRP after buying all three in November.
“BTC sold in the last few days, LTC and XRP today.
BTC ~ up 90%
LTC ~ 65% increase
XRP ~ up 50%
It was a pleasure, didn’t think I could do those moves so quickly, but I’m happy with it. I’ll give it some time before deciding where to trade next.”
On Tuesday, DonAlt said he had doubled his Bitcoin investment.
“The position (for now) closed. I’m happy with the 2x and will chill for a while until I see another great opportunity. I’m not bearish but I want to take it easy over the next few months and think about things other than BTC price.”
Source: DonAlt/TwitterDon’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
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