The well-known trader DonAlt, who accurately predicted the bottom of the digital currency market at the end of last year, announced a new scenario for the behavior of bitcoin. According to the expert, investors who short BTC run the risk of seriously burning out.
DonAlt believes that the bullish trend of the main crypto coin is a series of peaks and falls. In the case when each next peak is higher than the previous one, such a situation can be interpreted as a stable trend.
“I left for a week and all I saw was a bunch of people proudly shorting a higher bottom,” the trader wrote earlier.
The expert is also sure that it will take quite a significant pullback to change his point of view. In the meantime, the crypto enthusiast believes that the bull market continues.
“All I don't want to see is a massive downturn. Let's say if we go to $20,000 or $19,000, then these are the points where I start to worry about the fallacy of my thesis. Bitcoin, of course, can easily rise after, but I will believe that I made a mistake that will most likely make me sell. Anything above $20,000 or $19,000 will not knock me out of my position at the moment,” DonAlt said.
However, many community members continue to believe in bitcoin. According to the latest study by BanklessTimes, 67% of respondents aged 27 to 42 regard BTC as a “safe haven” due to the decentralization of crypto coin and limited supply. The important thing is that “millennials” are one of the most active categories of investors in the crypto industry.
And BitRiver financial analyst Vladislav Antonov believes that the possibility of restoring the value of bitcoin above $22,000 is 60%. The expert allowed the growth of risky assets after the publication of a new inflation report for January 2023 by the US authorities. This should happen on Tuesday, February 14th.
“The key event next week will be the US inflation report for January. Inflation is expected to slow to 6.2% from 6.5% in December. Core inflation in the US - excluding food and energy prices - slowed to 5.5% on an annualized basis from 5.7% a month earlier. If the data does not disappoint investors, we will see an upward reversal of all risky assets,” Antonov summed up.
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