A crypto analyst who boldly predicted the Bitcoin (BTC) dips that occurred in November is updating his view of the market after a significant downturn.
DonAlt updates Bitcoin outlook after recent pullback
For DonAlt’s previous predictions, you can check out this article of Kriptokoin.com. In his current analysis, the popular technical analyst says that anyone who shorts BTC may be making a mistake.
DonAlt says that BTC’s recent uptrend remains intact. This trend is paired with higher lows, which are simply defined by a series of higher highs in price.
I’m gone for a week and all I’m seeing is a bunch of people proudly shorting a higher low
— DonAlt (@CryptoDonAlt) February 11, 2023
The technical analyst said in a recent YouTube update that a major pullback is needed for him to reconsider his belief that this rally is not over yet. DonAlt adds that while he expects recovery from current levels, $20,000 or lower is worrying:
I don’t want to see drastic drops in BTC. Let’s say we go to $20,000, $19,000, that’s when I start to worry a little about my thesis being wrong. Of course it can still go up after this point, but I think my thesis is wrong, which probably makes me want to sell.
Bitcoin is giving mixed signals, according to analytics firms
Bitcoin (BTC) is giving conflicting signals about when the next bull market will begin, according to metrics shared by two different crypto analytics firms supporting DonAlt’s appearance. Santiment says that BTC continues to have a high correlation with the S&P 500, which “limits the possibility of an impending bull run.”
On the other hand, Messari states that Bitcoin moving averages have recently turned into a golden cross. A golden cross occurs when an asset’s 50-day moving average rises above its 200-day moving average. Messari says this is “herald of historically positive returns” over the six-month and one-year periods.
Bitcoin’s number of investors is increasing
Other crypto analytics firm Glassnode states that Bitcoin’s HODLer net position change has reached a three-month high of 49,473,346 BTC. HODLer Net Position Change measures the monthly position change of long-term traders, meaning such traders spent the last month accumulating BTC.
Glassnode also says that the seven-day moving average of Bitcoin’s average transaction size also hit a five-year high of 986,575 BTC on Friday.
https://twitter.com/glassnodealerts/status/1624170260793286700
As you follow on Kriptokoin.com, Bitcoin spends around $ 21,800 on February 12. The leading crypto has been in the green 0.70% in the last 24 hours and is down more than 7% from last week, but is still in profits of around 30% since the start of 2023.
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