Crypto Analyst – Bitcoin Must Close Above $42,400 for Uptrend to Continue
According to a well-known cryptocurrency analyst and trader, Bitcoin has to retake a critical level in order to invalidate a large drop below $30,000 in price. DonAlt outlines an optimistic scenario for Bitcoin in a new strategy session, which he believes will provide the top cryptocurrency the boost it needs to overcome critical barrier at $52,000.
“Assuming you get a bomb on the basis of news and it gets engulfed off of nothing but price action pushing it back up, you’re likely to get a squeeze. If we go back to the $44,000 level, that pressure would easily push it into the $50,000 range. This high ($52,000) is right around the corner, and I believe we should take it out now.”
In order to prevent a situation where Bitcoin collapses below $28,000, DonAlt believes that the bull trend in BTC must first close above an important milestone.
“Wait for a closing above $42,400 if anything. That, in my view, is the absolute minimum. If it fails to do so, I believe it should be taken, rolled over, and sold for less than $30,000. This range (about $42,000) is available if it closes over $42,400. Just [that] will determine the next step. This little one, And then, whether you break up or down.”
According to CoinGecko, Bitcoin is now trading at $43,304 at the time of writing.