Starting off the year by managing the cryptocurrency rally in a professional manner, famous crypto analyst DonAlt, known for his substantial earnings, states that Bitcoin (BTC) has exited the rise mode after exceeding $30,000.
Analyst Expects a Serious Bitcoin Breakout Above $30K
The closely followed anonymous crypto analyst, DonAlt, believes that Bitcoin is currently trading at a level he refers to as the “uncertainty zone”. According to the crypto analyst, Bitcoin has the potential to surpass this uncertainty zone around $30,000, as the sentiment towards the crypto market is not at extreme levels:
If this is a comeback, we’ll need a candle that enters this uncertainty zone. There’s no other way to climb above it. We tested this uncertainty zone in April and the price retracted. Now we’re testing it again. I was happy because I expected a fall from this zone at the first attempt, especially considering the emotions were hilariously rising towards this resistance again, which was what should have happened. People were gambling on altcoins and memecoins with expectations of the market rising sharply. That’s why I was very eager to sell in this move. In fact, I did sell.
Now, I’m much less eager because firstly, I think that sentiment is nowhere near where it was when BTC was here for the first time. Secondly, we tested this resistance before and it is now weaker. Thirdly, there was basically an accumulation at $16,000 and we moved up. Then there was an accumulation at $23,000 and then we went up again. Now, there was a consolidation around $27,000 and we’re discussing ‘Hey this is the same thing again’. So, we’re probably going to do the same thing we did back then, we will rise. So, I’m expecting a rise from here. Yes, the price is seeing resistance at this level, but I’m leaning towards a rise.
BTC May Offer Buying Opportunity
Although DonAlt expects a rise in Bitcoin, he warns that the biggest cryptocurrency could return to the levels between $26,000 and $27,000, and such a return could prime the rally.
According to data provided by crypto data platform CoinMarketCap, Bitcoin continues its accumulation in the uncertainty zone mentioned by the analyst, trading just above $30,000, at $30,251, with a 2.24% decrease in the last 24 hours.
