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The popular analyst who pinpointed Bitcoin’s rally this month says Bitcoin still has upside potential, even though King Crypto has surged nearly 38% year-to-date. I’m here.
Pseudonymous analyst DonAlt told his 456,500 Twitter followers that BTC could see a fresh influx of capital from High Time Frame (HTF) investors near the end of the month.
“The best thing about this rally is that HTF is still bearish. Once this monthly is over, the monthly will finally be bullish. It should start arriving. So far all we’ve got is front running, no real moves yet.”
Looking at traders’ charts, a monthly close above $20,000 is a bullish timeframe for Bitcoin. If BTC ends the month bullish, DonAlt’s first high timeframe resistance is initially around $35,000 and then $58,800.
As of this writing, BTC is trading at $22,795.
According to DonAlt, Bitcoin Continue Rise until the bears stop shorting Bitcoin.
“My story about this rally is basically putting aside the capital pain fueled by the bears shorting below $20,000.
The story doesn’t really allow us to pull back until we’re near the top.
So my best guess is that it will only go up until the bear/sideline buys and then only go down for a while. “
The crypto strategist also points out that Bitcoin’s current rally above $20,000 is similar to BTC’s all-time high of $69,000. is said to have output
“It’s the same pattern on the top and bottom.”
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should exercise caution before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your money transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/zeber/Sensvector
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