A crypto strategist who accurately predicted the minimum price of Bitcoin (BTC) last year believes that the king cryptocurrency is now in the early stages of a new bull market.
Analyst who goes by the pseudonym DonAlt Tells With his 471,000 Twitter followers many traders still believe Bitcoin is still in a downtrend even after breaking out of a multi-month reversal pattern.
“All I see is disbelief. I’m not sure if or not crypto is destined to go to zero or if it’s a good idea to disbelieve the idiots who think that shorting a banking crisis after nine months of bullish recovery and range breakouts is a good idea.”
The popular cryptocurrency trader is showing negative funding rates on several cryptocurrency exchanges, indicating that traders are still betting on BTC lower, while supporting his thesis that there is an uncertain rally ahead.
Disbelief recovery traditionally occurs at the start of a bull market, when traders who were affected by the previous bear market still expect prices to eventually fall despite the strength of the asset.
DonAlt says,
“BTC just got out of any months of consolidation and this is funding? Need someone smarter than me to explain this to me because this just sounds like utter crap to me.”
DonAlt also charts BTC’s worst-case and best-case scenarios. However, in both scenarios, bitcoin goes up.
Worst case: red
Best condition: green. ”
According to DonAlt, it could be a big time frame breakout for BTC to push Crypto King up to $100,000.
Enter Greed: Now
Non-greedy entry: $25,606
Goal 1: $36,000
Goal 2: $60,000
Goal 3: $100,000.
At the time of writing, Bitcoin is trading for $27,570.
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Featured image: Shutterstock/maddrest/LongQuattro
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