Bitcoin price broke below the psychological levels of $19,800. Short-term signals are bullish but bearish moves are haunting BTC price over the long term, suggesting the possibility of a drop below $19,000. The crypto trader and analyst who sold Bitcoin for $25,000 explains his future BTC strategy.
Analyst’s future BTC strategy
Crypto analyst DonAlt, who correctly predicted the rally that came after the Bitcoin 2022 bottom level, updated his view on BTC. The analyst says that if Bitcoin falls to the $19,000 – $20,000 support level, it can become very bullish in Bitcoin. According to DonAlt, if Bitcoin manages to break above the $23,500 resistance level, it could rally as high as $35,000. He believes that the bottom of Bitcoin is around $16,000 and the most logical game is to reclaim $23,000.
DonAlt takes the loss along with everyone else as he sells the peak at $25,000 and re-buys it at $23,000. It sees good resistance at $22,000, $23,000, and $23,500 and if it breaks this resistance, it suggests the next target is $35,000. Check out this article of Kriptokoin.com for the analyst’s accurate predictions.
CryptoQuant’s analysis of Bitcoin
CryptoQuant analysts believe that increasing selling pressure from BTC miners, among other factors affecting the asset, could push Bitcoin to $19,500 or $16,600. Technical experts have identified a volume gap between the $19,500 and $16,600 levels, and accordingly, analysts say it may be difficult for Bitcoin to find a local bottom in the intermediate zones.
DonAlt, on the other hand, suggests that if BTC rises above $23,000 again, a good buying opportunity will present itself. He thinks the most logical game is to actually buy the $23,000 recovery. Because that will only be marginally the worst price and has the potential to go up to $30,000. According to the analyst, this will allow the field to grow and reduce the risk of playing aggressively.
Factors affecting the crypto market
The current uncertainty in cryptocurrency prices is driven by Fear, Uncertainty and Doubt (FUD), the macroeconomic outlook, the sudden collapse of KuCoin and Huobi Token, hit by a lawsuit, among others, resulting from the voluntary liquidation of Silvergate. The market has been volatile for the past two months and both traders and investors are trying to make sense of the fluctuating prices.
Bitcoin drops below critical levels
The start of the new trading day was marked by bloodshed on Satoshi’s Street! US president Joe Biden has proposed a new tax regime to control mining activities and ignited a new wave of declines by slaughtering the markets. The impact does not seem to have subsided at this time as BTC price continues to drop and could approach critical support very soon.
BTC price is down more than 8% since the early trading hours, which were limited to multi-minute levels, without a good recovery followed. The bulls are constantly failing to build up the necessary pressure and therefore the downtrend could continue for a long time. What bottoms could be tested by BTC price amid the current downtrend? Crypto analyst Sahana Vibhute seeks an answer to this question.
Source: TradingViewAs the bears continue to build up enough selling pressure, Bitcoin’s price is melting as it plummets below immediate resistance levels. After the initial breakout, in the first few days of March, the token had to sink below the February low of $21,500 with increasing volumes. At this pace, every high will be a liquidation opportunity for aggressive traders who see a low to $19,700 or lower.
The recent price action has pushed the token towards the lower Bollinger Bands, indicating strong selling momentum. Moreover, yesterday’s bar was a dip that sliced, engulfed $21,000. In the coming days, traders are expected to experience more losses in the short-term, while the long-term model is yet to be confirmed.
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