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Bitcoin (BTC) and altcoins have become more closely monitored by investors since experienced crypto analyst DonAlt predicted that they would hit bottom in November 2022. DonAlt recently announced that he bought BTC after it briefly dropped below the $25,000 support at the beginning of the week.
Waiting for the $30,000 Threshold to be Crossed
In his latest analysis video shared on the TechnicalRoundup YouTube channel, experienced crypto analyst DonAlt stated that he had two options before returning to the market by buying Bitcoin. He said, “We are at a point where an argument can be made for buying around $26,000. If I’m wrong, we’ll have a stop-loss at most and buy back at $19,000. For me, doing nothing and waiting was a problem, and the reason for me to take action again (I bought some BTC, not much) is mainly because I predict that I won’t have the opportunity to enter the market at these levels again.”
The analyst stated that he would wait to see a double-digit percentage profit if his idea is confirmed and then sell his BTC holdings. He used the following words: “The target levels are above $30,000. After crossing that threshold, I will wait and see how things go.”
Warning of “Capitulation” for Bitcoin
DonAlt stated that if the validity of his idea that around $26,000 is a good buying point is proven wrong, there would be a roughly 5% pullback, which would bring a well-founded capitulation. He said:
I’m not expecting an extreme rise. I’m not expecting an extreme fall either. The reason I consider what I’m currently doing as an interesting trade is because there is a possibility of the price reversing and dropping below $24,900, which would lead to capitulation.
In this case, the price would drop to $20,000. So, at the moment, we are in an unconfirmed upward breakout around $25,000.
