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Crypto analyst DonAlt, who rode the Bitcoin rally from its 2022 bottom, has updated his outlook on the digital asset. In a recent video, he revealed that he would become very bullish on Bitcoin if it falls to the $19,000 – $20,000 support level. According to DonAlt, Bitcoin could rise to $35,000 if it manages to break above the $23,500 resistance level. He believes that the bottom for Bitcoin is around $16,000, and the sanest play is to buy the reclaim of $23,000.
BTC Price Prediction
The strategist suggested that the $19,000-$20,000 range would turn him “very, very bullish” on the flagship cryptocurrency. DonAlt is taking the loss along with everyone else as he sold the top at $25,000 and re-bought it at $23,000. He sees a good resistance at $22,000, $23,000, and $23,500, and if it breaks that resistance, the next target is $35,000.
CryptoQuant analysts believe that rising selling pressure from BTC miners, alongside other factors influencing the asset, could push Bitcoin to either $19,500 or $16,600. Technical experts identified a volume gap between the $19,500 and $16,600 levels, and accordingly, analysts believe it could be a challenge for Bitcoin to find a local bottom in intermediate zones.
The analyst suggested that a good buying opportunity for Bitcoin would present itself if BTC retraces back above $23,000. He thinks that the most lucidplay is actually buying the reclaim of $23,000 as it will only marginally be the worst price, and it has the potential to rise up to $30,000 plus. This would allow room to grow and reduce the risk of playing aggressively.
Factors Affecting Crypto Prices
The current uncertainty in cryptocurrency prices is driven by Fear, Uncertainty, and Doubt (FUD) from Silvergate’s voluntary liquidation, macroeconomic outlook, KuCoin hit by a lawsuit, and Huobi Token’s flash crash, among others. The market has been experiencing a volatile period in the last two months, and traders and investors alike are trying to make sense of the fluctuating prices.
Bitcoin was worth $19,739 at press time.