Trader Who Accurately Predicted Bitcoin Top and Bottom Updates Outlook After Big Crypto Rally

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A trader who sold Bitcoin (BTC) near its all-time high and re-entered the market with a massive discount in November updates his outlook on the crypto markets.

The pseudonymous trader, who goes by the name DonAlt, tells his 449,000 Twitter followers that the bears are in a precarious position after Bitcoin’s run from $15,731 on Nov. 21 to its Thursday high of $19,117.

“The bulls made it all into the bear, then the traders made it into the chop, now it’s the bears turn. What is interesting about bears is that often the price only needs 20-30% for them to lose everything. A rally in the bear market could wipe out almost all the bears.

Technically, in my mind, anything below $30,000 is just a bearish rally. If you’re a bear and ignore the $30,000 possibility, I think you’re going a little blue-eyed. We can just atomize, but there’s a non-zero chance of retesting those levels in my opinion.

In early January, DonAlt released a chart showing key resistance levels BTC needs to break through to maintain momentum.

So far Bitcoin has performed as expected. The first cryptocurrency by market capitalization is now hitting a historic line on the chart at around $19,000.

Source: DonAlt/Twitter

DonAlt jokes that if BTC crosses this line, it will become “the future of France,” a play on the idea that Bitcoin is the future of finance.

If BTC can hit $19,000 in the coming week and continue to overtake the altcoin market, the trader expects relatively smooth sailing up to $22,500.

“It’s the maintenance of the boys. Variants [are] unable to keep up with BTC approaching… Another day like today after the weekend and we will see fireworks in the crypto markets.

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Featured Image: Shutterstock/sdecoret/INelson

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