A crypto analyst and trader who flipped bullish on Bitcoin (BTC) at its bottom is making a major adjustment to his portfolio.
The pseudonymous DonAlt tells his 463,000 Twitter followers that he is taking profit on a significant portion of his holdings.
DonAlt bought BTC, Litecoin (LTC) and XRP in November, as the dust from FTX’s collapse began to settle and bad news no longer seemed to have an impact on the market.
His LTC and BTC holdings have ripped, while XRP has remained relatively stagnant.
“Reduced my oversized positions by ~50% overnight to secure some profits given both BTC monthly and weekly closed at resistance.
Since the initial post, these positions are:
BTC – Up 60%
LTC – Up 60%
XRP – Up 10%”
DonAlt expects BTC and altcoins to retrace for the next one to three months, with BTC winding down to the $20,000 range.
At that point, he plans to reenter the market and expects BTC to resume is 2023 uptrend.
If Bitcoin doesn’t retrace and continues to rise from its current price of $24,009, the trader says he will consider taking additional profits in the $30,000 range.
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Featured Image: Shutterstock/Standret
