A crypto analyst who closed his Bitcoin and XRP positions with high profits last week shared his new strategy. The analyst had sold a large amount of BTC at the height of the previous bull cycle. He bought Bitcoin, Litecoin (LTC) and XRP again at the bottom price in November 2022. The latest situation is as follows…
Bitcoin-selling DonAlt now targets these levels
DonAlt has reported in the past that it has closed all its positions at the peak of the bull cycle. Then, in November 2022, Bitcoin bought it again as Litecoin (LTC) and XRP prices crashed with the FTX crisis. During the week of April 10, he announced that he is closing his crypto positions while BTC, LTC and XRP are making big gains.
DonAlt now shares its new strategy. The crypto analyst is waiting for a return to $30,000 before accumulating BTC again. Additionally, he said that he would prefer to buy in a situation where the BTC price drops to $20,000: “If we manage to get $30,000 back, I will buy back the BTC I sold at $30,200. Likewise if we retest $20,000. Keep calm on both.”
General plan for me is:
Buy back BTC I sold at ~$30.2 if we manage to reclaim $30k
Buy back BTC I sold if we retest $20k
Chill in between both of those
— DonAlt (@CryptoDonAlt) April 22, 2023
DonAlt also warns both BTC bulls and bears that it is possible for Bitcoin to witness a drastic drop.
The crypto analyst does not believe that BTC will break below the bear market of around $15,700, although he sees it in a wide range as long as Bitcoin is below $30,000. You can take a look at the previous investment plan of DonAlt, which we quoted as Kriptokoin.com, from this article.
What does historical data say about BTC price?
In the rest of the article, let’s take a look at Bitcoin movements between 2019 and 2023 to analyze DonAlt’s predictions. According to the data, the end of Bitcoin’s hash rate wars ended in 2018 with a drop from $6,000 to $3,000. However, this decline created a local bottom. Thus, Bitcoin took the first step of consolidation that will last for 107 days.
On April 1, Bitcoin price rose sharply and bullish divergence formed on the daily chart. This led to an increase of 173% in the next two months. It formed a local top at $13,880 for BTC.
There is a similar formation in 2023. This indicates that continued consolidation will have a similar outlook. Although BTC is not expected to rise 173%, investors can predict that the price of Bitcoin will extend to the $29,247-$41,273 range. Possible targets were identified as the midpoint at $35,260 and the range high of $41,273.
Summary
As detailed above, two potential scenarios emerge where this run could result:
- It is an ongoing uptrend towards the $35,260 and $41,273 levels.
- A pullback to two key levels at $25,205 and $24.303 followed by a rise to $35,260 and $41,273. As it turns out, the second scenario will give the sidelined buyers an opportunity to accumulate BTC.
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