A popular crypto analyst says he’s looking at three potential price ranges for Bitcoin (BTC) to get a sense of where the crypto asset is headed.
The pseudonymous trader known as DonAlt tells his 317,200 Twitter followers that he’ll remain bearish on Bitcoin as long as it stays below $44,400, and neutral on BTC if it’s between $44,400 and $46,200.
He says he’ll turn bullish on the largest crypto asset by market cap if its price surges above $46,200.
“Right now just looks like a complacency shoulder with the current [price action] mirroring the $60k top. I’d need to see more strength to convince me otherwise.”
Bitcoin is trading at $43,186 at the time of writing and is down 8.3% over the past seven days, according to CoinGecko. It has, however, gone up 4.1% in the 24 hours prior to writing.
DonAlt says crypto’s immediate future revolves around its strength compared to traditional financial markets.
“The non-technical view is: The global markets continue to dump, crypto is just gonna go along for the ride. If traditional markets reclaim what they’ve lost in the last few days, crypto will too.
Right now more important than [technical analysis] is relative strength of crypto vs traditional markets.”