Cryptocurrency analyst DonAlt, who has been right 3 times in the past, shared a new Bitcoin price prediction. Sharing his latest predictions on Twitter and YouTube, the analyst spoke to his more than 469,000 followers. Accordingly, DonAlt announced levels that it considers suitable for buying and selling in BTC. The analyst drew attention to important levels such as $ 19,000 and $ 20,000. The forecast is an answer to investors’ questions about whether it’s time to sell BTC.
“These levels offer buying opportunity for Bitcoin”
DonAlt said he’s ‘bought it now’ for around $19,000. He then stated that he was ‘always comfortable buying below the $20,000 level’. However, the analyst did not rule out the possibility of a further drop in Bitcoin price in the short term. He announced to his followers that if such a thing happens, he will ‘buy more’ and add to his spot position. In addition, DonAlt warned investors against the use of leverage due to the US CPI data expected to be released on Thursday.
DonAlt’s rationale is based on the recent extreme battering of the markets. Therefore, the analyst says that an upside move is more likely at the moment. It’s also possible that it’s just a bear market rally. The analyst’s forecast supports the advice shared by top Bitcoin bulls like Michael Saylor to “buy the drop in BTC when the market is bleak”. Saylor’s perspective is based on his belief that BTC will one day reach $100,000, regardless of the current situation.
“Correlation between BTC and equity markets is declining”
DonAlt also says that trading markets like the S&P 500 are falling and diverging from crypto. According to the analyst, this signals that BTC and altcoin prices will start to rise. Over the past few days, Bitcoin has shown signs of resilience to SPX. Until now, this was a sign that cryptocurrencies were lagging behind. However, DonAlt is optimistic that the correlation between Bitcoin and stocks will end.
“I will sell when Bitcoin reaches this level”
In the next Bitcoin analysis video, DonAlt marked the price levels above. He stated that he does not think bitcoin will reach $33,000 in the short term. However, he added that he believes it will not drop into the $12 to $14,000 area until the first quarter of 2023. According to him, the common price target of Bitcoin bears involves breaking the monthly support level. However, the analyst also shared the most recent selling level he set for Bitcoin. Accordingly, the analyst will sell his assets to avoid risk when the BTC price reaches $ 29 thousand.
DonAlt’s past predictions
DonAlt’s new price forecast is notable for accurately predicting the November 2021 peak. As Cryptokoin.com reported, BTC showed an SFP pattern when it reached the peak level of $ 65,000. Meanwhile, DonAlt tweeted, “See you in a year.” Then, Bitcoin price started its almost twelve-month correction. He also criticized Do Kwon and Terra LUNA long before the May 2022 crash.
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