Bitcoin Trader’s Positive Forecast for 2022 BTC Bottom: A Bright Future Ahead
A prominent analyst who accurately predicted the Bitcoin bottom in 2022 suggests that the bears have relinquished their last defensive line. The analyst, known as DonAlt, shared with his extensive following on the social media platform X that Bitcoin is poised for significant upward movement without encountering any resistance.
DonAlt expressed his confidence in Bitcoin’s bullish trajectory by stating, “As I said coins good again. The only thing that could stop bulls would be a nuke this weekend. That’s highly unlikely given the previous weekend’s track record and just the general lack of trading activity. I don’t believe in any of the other lines, so coins remain good unless sub $63,000.”
Examining DonAlt’s chart, it appears that the $70,000 level is now considered a nominal resistance point. In a video update, DonAlt elaborated on why he no longer anticipates resistance from BTC bears at the $70,000 level, which previously constrained Bitcoin’s price movement for an extended period.
The analyst remarked, “I don’t really see good resistances. I think these highs ($70,000) have been tested too many times. So you have four tests here, you come back toward $70,000, I wouldn’t want to bet against that… The only bearish case that I can make out right now would be a close below $63,000, as in a weekend dump, which like I said is very unlikely.”
Typically, in technical analysis, a resistance level weakens with each test as sellers exhaust their supply. At the time of writing, Bitcoin is trading at $67,342.
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