A cryptocurrency expert who accurately predicted the price bottom for bitcoin (BTC) in 2022 believes that the dominant cryptocurrency may be one resistance level away from setting a new all-time high for 2023.
This comes after BTC set a new ATH at $28,000 for 2023. After breaking above the resistance level at $24,000, the pseudonymous trader DonAlt says in a new strategy session for his almost 49,000 followers on YouTube that bitcoin is looking excellent on a monthly chart.
DonAlt says market trend similar to 2021 could emerge
The YouTube personality believes that the breakthrough is the first genuine indicator of bullishness for bitcoin since November 2021, when the cryptocurrency reached its all-time high price of $69,000. According to him, bitcoin hasn’t been such excellent shape in a long time.
“Each and every kind of resistance was successful. In all honesty, there was not the slightest bit of bounce. And if we are to talk about technical analysis, the breakout will be confirmed when this monthly close is above the resistance of about $24,000; this would be the first positive signal. I believe that could be maintained for a short while.”
DonAlt, crypto analyst.
DonAlt says monthly signs often last for more than a candle or two. Still, these keep going and going, leading him to affirm that the $35,000 level is a resistance point.
He adds that he envisions a scenario in which bitcoin might climb close to $33,000 before correcting to $27,000 to lay the scene for an effort to knock out resistance at $35,000. This prediction is based on the weekly period.
DonAlt believes such a scenario is often when you have a rejection before a significant level on a high timeframe. According to him, this leads to a small retreat or two weeks into simply another push into that monthly resistance, indicating whether or not it wants to move up.