Cryptocurrency analyst DonAlt, who bought Bitcoin (BTC) at the lowest level of November 2022 and sold the BTC he bought at the highest level of the year, making a significant profit of about 100%, has revealed his new strategy for re-entering the market.
Anonymous cryptocurrency analyst DonAlt highlighted that the potential approval or rejection decision of a spot Bitcoin exchange-traded fund (ETF) in the US would provide an entry opportunity, in a video on the TechnicalRoundup YouTube channel.
The analyst said, “If a spot Bitcoin ETF is approved, considering the recent weakness in the overall market, we may have a chance to reach $32,000 to $35,000. There is a specific weakness in this cryptocurrency, and people are eager to sell, but if the ETF is approved, people may start selling again at $32,000, $34,000, and $35,000. If the spot Bitcoin ETF is rejected, we will probably go to $20,000, $19,000.” He added the following:
I am focusing more on a rejection than an approval. If the spot Bitcoin ETF is rejected, I will buy at $19,400. If the ETF is approved, I will try to buy as soon as possible after the news and sell at a point between $32,000 and $35,000.
According to the analyst, if Bitcoin continues its upward trend without any pullbacks after surpassing profit-taking levels with good news, it is likely to enter a correction phase and provide re-entry opportunities by falling. He said the following:
Let’s say we went up and reached $35,000. I sold the BTC I bought at these levels and realized that it is going up vertically without any drops or pullbacks. I think we will retest this level in a pullback, and I can buy again from there.
If the largest cryptocurrency does what it has been doing lately, rises with good news, and then realizes that no one is buying, it will return to the range of $25,000 to $32,000, and even fall below that.