The analyst, who previously predicted Bitcoin bottoms, talked about these 2 altcoins he bought in his statements.
Analyst, who predicted Bitcoin bottoms, made altcoin purchases
A crypto analyst and trader who has bottomed out in Bitcoin (BTC) is making a major adjustment to his portfolio. Pseudonymous analyst DonAlt tells his 463,000 Twitter followers that he is profiting from a significant portion of his holdings.
DonAlt bought BTC, Litecoin (LTC), and XRP in November, when the dust of the FTX collapse had settled and the bad news had no longer had an impact on the market. XRP remained relatively stagnant, while LTC and BTC assets were torn. The analyst said in a statement:
“Given that BTC is closing with both monthly and weekly resistance, I cut my overly large positions by ~50% overnight to secure some profits.
Since the first post, these positions are:
BTC – Up 60%
LTC – Up 60%
XRP – Up 10%”
DonAlt expects BTC and altcoins to bounce back over the next one to three months, with BTC falling into the $20,000 range. At this point, he plans to re-enter the market and expects BTC to continue its 2023 uptrend.
If Bitcoin does not back down and continues to rise from its current price of $24,009, the trader says that he will consider making additional profits in the $30,000 range. As Cryptokoin.com, as we have already mentioned, the famous analyst has known the $ 6,100 seen in March in the past years. He also correctly predicted that at the beginning of January last year, Bitcoin would rise 44%.
Analyst talked about BTC
DonAlt says that the market is behaving like it did in 2020, BTC is showing significant strength and quickly recovering after each drop. However, the trader says that BTC is moving towards a level where it is wise to reduce exposure and make some profits.
It points to a consolidation zone of around $30,000 as a point at which it would consider lowering its position. In May and June of last year, this level was a key consolidation area for the top crypto asset. The analyst said in a statement:
“I think we’re getting close to levels where you’d want to sell.
At $16,000 I went up stupidly, at $19,000 I went up stupidly at $20,000 but from mid $20,000 to under $30,000, I guess that’s where you start to get into trouble…
Given that we have this kind of consolidation here, I think at that point, the next uptrend is probably a consolidation to sell.”
DonAlt also bought Litecoin (LTC) near the November low of around $60. Although the coin is currently at $96 and is worried about BTC hitting resistance, the trader says he has no plans to sell this position even if BTC hits the wall in the coming days and weeks.
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