A crypto analyst who bought Bitcoin in the fall caused by FTX in November 2022 is preparing for new purchases. The phenomenon, nicknamed Donalt, has released its predictions of the ideal buying zone in their latest analysis.
Donald prepares to collect Bitcoin again
As we reported as Kriptokoin.com, Donald closed all his positions at the peak of November 2021 with a high profit rate. Later, during the FTX crisis in 2022, he bought Bitcoin, Litecoin and XRP at the bottom price. While the crypto market was pushing local tops in April of 2023, it announced that it was closing all its positions and cashing out again.
In a recent interview with the TeknikRoundup Youtube channel, Donald says that the potential approval or rejection of spot Bitcoin ETF applications in the US will present an opportunity for entry. He also shared a few levels he followed closely during the broadcast…
Here is Donald’s short-term Bitcoin investment strategy:
If we get an ETF approval, we have a good chance of hitting $32,000 – $35,000 given the recent weakness. This is a crypto specific weakness and people are very willing to sell and if we approve the ETF people can start selling again at $32,000, $34,000, $35,000. If the [spot Bitcoin ETF] is rejected, I think we’re going to $20,000, $19,000…
Here’s what I’m looking at: ETF rejected, see $19,400 buy. ETF approved, try to buy and sell for $32,000 – $35,000 as soon as possible after the news comes out.
Analyst says new bottoms are possible in Bitcoin price
The actual prices Donald is seeking represent slightly above 2018 highs for Bitcoin. The analyst expects a drop to as low as $19,400 after failed spot Bitcoin ETF filings. He sees this level as an ideal buying zone. According to this strategy, BTC can start a double-digit bull run after bottoming out under $20,000. Donalt estimates that the first take profit zone for investors taking positions at $19,400 will be in the $32,000 – $35,000 range.
The leading crypto is currently trading slightly above $26,000 with a slight decline. It fell sharply from the $29,000 region last week. After this support level, it is now using the $26,000 zone as a base.
According to the analyst, if Bitcoin surpasses the take profit levels on good news, it is likely that BTC will correct and present opportunities for re-entry. In a portion of the YouTube post, he gave the following outlook for the medium term:
Let’s say we rally and hit $35,000 and even if I sell and it goes vertical, I guess we’ll retest this on a pullback and then I might bounce back. If it rises on the good news and realizes that no one is buying it, it could go back to that range (around $25,000 – $32,000) and stay in that range for a bit longer.
Not everyone agrees: Famous forecaster says $20,000 is impossible
BitMEX co-founder Arthur Hayes said in his latest blog post that $20,000 is impossible for Bitcoin. Instead, Hayes expects the price to spend time in the $25,000 region for a long time.
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