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A crypto strategist known for nailing the 2022 Bitcoin bottom believes that the current correction will climax once BTC hits a key price level.
In a strategy session, the pseudonymous analyst DonAlt tells his 65,900 YouTube subscribers that while he’s still bullish on Bitcoin, he thinks that BTC can witness a 30% devaluation from current levels before bottoming out.
According to the analyst, the $80,000 range offers no support for BTC, so he’s waiting for the crypto king to either drop to the $60,000 price range or reclaim the $90,000 level as support before taking additional risk.
“I could see myself, if we do dip into that monthly area like $60,000 to $70,000 I think at that point the move is too big. Let’s say this just keeps on dumping every single day for the next couple of days and we dump into $60,000 to $70,000, I think at that point the move is overdone, and I might actually play some leverage again…
But other than that, there’s much interesting stuff here. Right now at $80,000, I’m looking at this from the lens of we’re in the middle of nowhere on the monthly [time frame]. It’s still bullish technically but no support is necessarily there.
I’m not really in a rush on this. If it goes back up and shows strength in the old cluster, in the old consolidation, then I’m down to increase risk as well but until then, just chill and see how it goes.”
Source: DonAlt/YouTube
At time of writing, BTC is trading for $87,155.
