A crypto analyst who defied the naysayers and bought Bitcoin at its 2023 bottom just issued a major update to fellow traders.
In a new video, DonAlt says he sold a just significant portion of his holdings at around $28,700 after spotting potential warning signs in the top cryptocurrency’s price movements.
Although he sees the potential for a short term pullback, the trader says he believes BTC’s overall bull trend is intact.
“Is it all over? In short, no. I don’t think so. I’m already feeling intense fear of missing out (FOMO), not gonna lie. I took some stuff off of today’s highs and I still feel FOMO.
On the monthly time frame, we broke out last month, which is looking good. This is a clear breakout of seven months of consolidation. We reclaimed most of the Three Arrows Capital fallout. We reclaimed a lot of the LUNA fallout. We reclaimed a lot of things. If you targeted $28,000 at the lows of $16,000 people would have called you crazy. And now we’re debating whether it’s over at $28,000 or not. High time frame, this is going to go up. No real doubt that this is going to be a significant breakout.”
According to the analyst, Bitcoin’s weekly chart also looks great, with BTC moving in sideways consolidation after a massive breakout.
But DonAlt says the daily chart is showing warning signs, signaling the potential for a sharp and quick pullback.
“The troubles begin when you look at the daily. The daily is starting to lean over a little bit, like it’s rounding out. I saw the potential for that at the top, I had a few reasons why I wanted to sell…
But this is still not the end of the world because technically we had a massive move up and we’re now moving sideways. Even if we pull back a little I think it’s going to be a quick one. So worst comes to worst, I think we could go below this BitMEX wick into the $25,000 area. If everything nukes, that’s where I think we could go before moving higher.”
BTC is trading at $28,165 at time of publishing, down 0.2% in the last 24 hours.