A crypto analyst who boldly became a Bitcoin bull at BTC’s lows in November is updating his take on the market after a significant pullback.
The pseudonymous German trader, whose alter ego on Twitter is an anthropomorphic duck, tells his 460,000 followers that anyone shorting BTC may be making a mistake.
DonAlt says BTC’s recent uptrend – defined simply as an asset that’s posted a series of higher-highs in price, paired with higher-lows – remains intact.
I’m gone for a week and all I’m seeing is a bunch of people proudly shorting a higher low
— DonAlt (@CryptoDonAlt) February 11, 2023
After Bitcoin’s monthly close at about $23,148, DonAlt says it would take a sizeable pullback to make him reconsider his belief that this rally is just getting started.
“What I don’t want to be seeing is just massive drops.
Like let’s say we go to $20,000, $19,000, that’s where I start being a little bit worried that my thesis is wrong.
It could obviously still go up after that point but I would think that my thesis is wrong, which would probably make me want to sell.
Everything [above] that – I mean I don’t think anything can push me out of the position at this point.”
Bicoin hit a low of $15,724 on November 9th of last year and touched $24,182 on February 1st.
At time of publishing, BTC is trading at $21,808, up 0.6% in the last 24 hours.
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Featured Image: Shutterstock/SimpleB/Tithi Luadthong
