A popular analyst who correctly called Bitcoin’s (BTC) ascent above $20,000 says he’ll remain bullish on the king crypto until proven otherwise.
Pseudonymous analyst DonAlt tells his 452,700 Twitter followers that Bitcoin’s strong performance last week suggests that BTC bears are starting to lose momentum.
“Weekly close above $19,300 and we’ve reclaimed the first major support ever since the all-time high and the start of the bear market. That’d be a major shift in behavior and something I would never fade.”
At time of writing, Bitcoin is swapping hands for $21,037, well above DonAlt’s key support level.
With Bitcoin trading above $19,300, DonAlt sees BTC rallying above $32,000.
According to the crypto strategist, he remains long-term bullish on Bitcoin unless price action satisfies one of his three conditions.
“There are a few ways you could turn me into a bear:
1) Lose $18,000
2) Show massive weakness at $32,000
3) Make a new all-time high and lose $60,000 after (Again).
Anything but those three and I’ll remain bullish.”
Looking at the peer-to-peer payments network Litecoin (LTC), DonAlt believes that the altcoin is on a slow grind up toward his target of $99.
“LTC still going up linearly
When proper parabola?”
At time of writing, Litecoin is switching hands for $84.84, suggesting an upside potential of over 15% should LTC hit DonAlt’s target.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Midjourney