Mastering Bitcoin‘s (BTC) rise this year, crypto analyst DonAlt said it’s time for the largest cryptocurrency to rally while trading just below $28,000.
The Obstacle Before Bitcoin’s Rise: $30,000
Anonymous crypto analyst DonAlt stated in his recent strategy session that Bitcoin has not yet entered an upward trend due to bears defending the overall resistance at $30,000. According to DonAlt, despite typically falling sharply and quickly after reaching a significant resistance level, Bitcoin’s continued accumulation around $30,000 can be seen as an important bullish signal:
As I’ve been saying on a monthly basis, we didn’t experience a crash here, and nothing has happened so far, and I think that’s a good thing for the bulls. With each passing week, I can say that I’ll move more into a bullish stance, even if the price doesn’t change. Obviously, if the price goes up, I’ll switch completely to the bullish side. If you look at previous peaks and how the price responded to them, it is generally seen that there are no big red candles and severe price movements are very rare. It currently seems more like a process of accumulation rather than a crash… We’ve had a crash, but it hasn’t led to anything, and this usually means, at least in the crypto market, the upward movement will continue.
Looking at the price chart shared by the analyst, it is seen that the critical level for the largest cryptocurrency is $30,000. If the price achieves a weekly candle close above this level, a rise up to $43,600 is forecasted.
“The Possibility of a Crash Is Becoming Increasingly Difficult”
DonAlt also pointed out that he started to be a bit on the bullish side while waiting for the first strong sign of upward movement to start accumulating BTC, “I’ve actually started to be a little bullish, but it’s not a big thing. However, based on the fact that we need to move, this is where my head is at since we haven’t moved yet… The ‘Is there a delay?’ debate only lasts for so long… You can have the delay debate for a few days, maybe one or two weeks, but if it continues, it becomes quite difficult to argue. I think the same is true here. Basically, the longer a crash does not occur, the more difficult it becomes to happen.”
According to data provided by the crypto data platform CoinMarketCap, Bitcoin is trading at $27,987 with a 2.99% increase in the last 24 hours.
