DonAlt shared a new Bitcoin price prediction today to Twitter and YouTube, where he has a combined 469,000 followers including subscribers to the TechnicalRoundup YouTube channel.
DonAlt (@CryptoDonAlt) stated he’s ‘buying now’ at around the $19,000 level, and is ‘always comfortable buying below $20,000’ – timestamp 14:10 in the below video.
He isn’t ruling out Bitcoin trading lower in the short term, in which case he’ll ‘buy more’ and add to his spot position – cautioning against using leverage with CPI data coming on Thursday.
DonAlt streams live on the TechnicalRoundup channel each week alongside another popular trader @CryptoCred, who has 501,000 followers on Twitter.
DonAlt’s rationale – shared by various other notable crypto Twitter accounts such as TraderSZ and CryptoISO – is that the markets have been so battered and beaten down, that a move to the upside is more likely at the current time. Even if only as a bear market rally to squeeze offside shorts, within the long term macro downtrend.
His advice is to buy the dip on Bitcoin now when the market is ‘depressing’, as a better play than FOMO’ing into green candles and $100,000+ price targets shared by the most vocal Bitcoin bulls like Michael Saylor.
DonAlt also tweeted that his ‘gut feeling for the trad markets’ (e.g. the S&P 500) is down, but that crypto would begin to decouple finally and move up.
In the past few days Bitcoin has shown signs of resilience versus the SPX – while so far in 2022 that’s simply been a sign of cryptocurrency lagging behind, DonAlt is optimistic that the correlation between Bitcoin and stocks will come to an end.
DonAlt’s new Bitcoin price prediction is notable with his wide following and since he accurately warned traders of the incoming bear market back around the November 2021 top.
When Bitcoin printed an SFP (swing failure pattern) at the former $65,000 high, DonAlt tweeted along the lines of ‘see you guys in a year‘.
Then as the Bitcoin price began its now almost twelve month correction, DonAlt cautioned against opening a position, mostly remaining in cash – until now. He was also critical of Do Kwon and Terra LUNA long before its May 2022 crash.
Later in his Bitcoin analysis video DonAlt marked out the price levels above.
He mentioned that while he doesn’t think Bitcoin will reach $33k in the short term, by the first quarter of 2023, he doesn’t predict it will hit the $12 – $14k area either – a common price target of Bitcoin bears, and monthly support.
His current Bitcoin price target is the $29,000 area where he will sell Bitcoin to derisk.
The Bitcoin price is currently testing the $19,200 level and up almost 1% in the past 24 hours, quickly recovering from two minor dips earlier today when PPI data and FOMC minutes were released.
Given Bitcoin’s strength today, CryptoISO – who has 115,000 followers – expects it to rally tomorrow if the CPI has a ‘hint of anything positive’.
Several altcoins we have been watching closely are back in the headlines – Tamadoge (TAMA) is up 29% in the past day on OKX exchange.
Terra Classic is trending on new news that Binance has burned almost 3 billion LUNC from the circulating supply.
The IMPT token presale is also nearing the $4 million raised mark.
A quick 3min read about today's crypto news!
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