New Long Position For Bitcoin Is Out, Analyst Who Predicted 2022 Bottom Says

It looks like the interesting predicitons about the most important digital asset out there, Bitcoin, continue. Check out the latest one below.

A crypto expert who correctly predicted the crypto market’s bottom in November 2022 is re-entering the market after Bitcoin (BTC) fell below the $25,000 support level.

DonAlt, who shares his insights with over 53,100 subscribers on the TechnicalRoundup YouTube channel, explained that he faced a decision when it came to opening a new position on Bitcoin.

According to him, buying Bitcoin around the $26,000 mark is a sensible option, as the potential reward outweighs the risk of being stopped out and buying at a lower price of $19,000.

He also mentioned that he decided to take a small position in Bitcoin, as he predicted that he may not get another opportunity to enter the market.

According to an analyst, if his trade idea proves successful, he plans to exit the trade once it reaches a profit level of double-digit percentage points, with a target above $30,000.

He will monitor the progress of the trade. Bitcoin is currently trading at $26,342.

The analyst holds a neutral view on the market, but believes that if the trade idea is unsuccessful, there may be a “capitulation proper” at around 5% below the current level.

He considers $25,000 as the current invalidation point for his trade idea. If the price falls below $24,900, he thinks there could be a significant decline in value, leading to a possible drop to $20,000.

The other day, we revealed that according to Jamie Coutts, a crypto market analyst from Bloomberg Intelligence, Bitcoin is vulnerable to the contracting global liquidity.

Coutts recently posted on the social media platform X, noting that Bitcoin had reached the “exit signal” in mid-July at a price of $29,500, which is now about 11% higher than the present market value. Check out our previous article in order to learn more details about this.