DonAlt Shares Insights into Bitcoin’s Next Price Movements
In a recent YouTube interview with TechnicalRoundup, crypto analyst DonAlt revealed that he had purchased Bitcoin after the asset fell below the $25,000 mark. According to the analyst, who also predicted the cryptocurrency market’s low point in 2022, he had two options before opening the new BTC position.
He explained the reasons behind his decision to buy Bitcoin. DonAlt stated, “We’ve reached a point where you can make an argument to buy here [around $26,000]. And if you’re wrong, you get stopped out and can buy at $19,000. The problem with doing nothing and the reason why I took a trade – I bought a little, not too much, but a little Bitcoin – essentially is that I just suspect that I won’t get an entry otherwise.”
Furthermore, DonAlt stated that if his prediction is correct, he will exit the trade after reaching a double-digit percentage level of profit. According to him, his target profit is $30,000, albeit with a neutral sentiment towards the trade. “I’m not too bullish. I’m not too bearish. The reason why I think this is generally an interesting trade is essentially that I think if it fails…if you fail here [below $24,900]. I think we’ll start capitulating. And then we’ll start the real capitulation. And we’ll go down to $20,000. So essentially, you have an invalidation of around $25,000 right now,” he added.
Meanwhile, Bitcoin is currently trading at $26,638 on September 15, above the capitulation zone of $24,900. And according to another crypto analyst, Ali-Charts, the TD Sequential indicator has signaled a buy signal for BTC on the weekly chart.
However, he believes BTC must close above $25,600 this week for this sentiment to be confirmed. In that case, BTC could rise to $28,350 or even up to $31,800.
Crypto analyst Titan of Crypto, with over 44,000 Twitter followers, also agreed with the asset and said that past performance is not indicative of future results. However, he believes it is important to compare the current price action with previous ones. He stated, “If BTC follows its past price action and no negative event occurs before its halving, it can reach $37,500 before retracing.”
Bitcoin has entered an accumulation phase after breaking through the 38.2% Fibonacci level ($26,406). Buyers are in control, as evidenced by the four consecutive green candles on the daily chart.
However, it faces resistance at the 50% Fibonacci level ($26,738). If buyers continue to exert pressure, BTC will rise to the 61.8% Fibonacci level ($27,069).
Additionally, the Relative Strength Index (RSI) shows a value of 52.11, rising from the neutral zone to the buying zone as more traders enter long positions. Furthermore, the Moving Average Convergence/Divergence (MACD) is above its signal line, indicating a strong buy signal.
The green histogram bars confirm that BTC is in a positive price trend. If buyers maintain their pressure and break through the resistance level of $26,738, BTC will likely continue its rally in the coming weeks. However, if traders start taking profits, a short retracement is likely to occur before the uptrend continues.
Image Source: Pixabay | Chart Source: TradingView.com
