The popular analyst who correctly called Bitcoin’s rally this month says BTC still has more upside potential despite the King Crypto’s nearly 38% gain since the start of the year.
Pseudonymous analyst DonAlt tells his 456,500 Twitter followers that BTC could see an inflow of fresh capital from HTF investors by the end of this month.
“The best thing about this rally is that the HTFs are still bearish. Once this month closes, the month will finally turn bullish. So technically the HTF guys should be arriving in two weeks, and all we’ve done so far is just leading the way, and the real move is yet to come.
Looking at the trader’s chart, a monthly close above $20,000 is a high time frame bullish for Bitcoin. Should BTC end the month bullish, DonAlt’s first high resistances will be around $35,000 and then $58,800.
At the time of writing, BTC is changing hands at $22,795.
According to DonAlt, Bitcoin will Get on to rally until the bears stop shorting Bitcoin.
“My story for this rally is essentially sidelining capital pain fueled by bears lagging shorts below $20,000.
That story doesn’t really allow us to fall back until we get close to the top.
So only up to buy bears/sidelinoors then down only for a while is my best bet.
The crypto strategist also points out that Bitcoin’s current rally above $20,000 resembles BTC’s high at $69,000. DonAlt says Bitcoin printed false breakout settings in both cases.
“The top and bottom have the same pattern.”
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