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 potential 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.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Antonov Serg/Nikelser Kate
