Pseudonymous analyst DonAlt tells the 51,200 subscribers of the TechnicalRoundup YouTube channel that Bitcoin is likely close to finding the market bottom.
However, the analyst says Bitcoin may have to dip by more than 20% from its current price before finding the key level of support.
“We’re getting close to support, but we’re getting close to support while drifting lower. I hate that. I don’t want to drift into support…
What I usually do think about is when you drift into support, I’m thinking this could be the bottom time-wise, but we could wick down to the next support and that the next support below this kind of like $24,000 to $22,000 area is just $20,000. So the longer this goes and the slower we go, the more likely I think $20,000 becomes.”
DonAlt says that he’d be happy to accumulate BTC if it hits $20,000.
The trader also says he is watching whether Bitcoin could show signs of strength by reclaiming $27,400 as support.
“But right now, I want to either see strength, and this is going to be best seen on the daily timeframe, which would basically just mean going above $27,400. I think that’s a good kind of measurement of strength. Because right now we’re trading below the consolidation that we had that led to the top and I would like to trade above there for me to kind of take action or just to go lower, either/or works for me.”
Bitcoin is trading for $26,317 at time of writing, up more than 3.3% during the last 24 hours.
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The post Analyst Who Called 2022 Crypto Low Says Bitcoin Getting Close to Bottoming Out – But There’s a Catch appeared first on The Daily Hodl .
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