A crypto strategist who accurately predicted the 2022 Bitcoin (BTC) bottom says that new bear market lows are not in the king crypto’s future.
However, the pseudonymous crypto trader DonAlt does tell his 476,400 Twitter followers that at Bitcoin’s current value of $30,202 its risk-reward investment ratio is undesirable.
“Pretty simple for me. I think in between here [about $32,000] and the upper range [about $60,000] is where most of the risk and very little reward is. We won’t make new lows IMO (in my opinion) so the closer you get to buying to the bear market line the better.”
Looking at his chart, the crypto trader says investors are better off buying Bitcoin closer to the bear market line at $20,000 to have a better risk-reward ratio on their investment. Bitcoin hit a bear market low in November of about $15,700.
He also sets market range trends, calling between $20,000 and $30,000 the “whatever market” range and the range between $30,000 to $32,000 “indecision.” DonAlt says above the $32,000 level is the “bull market” range, which saw Bitcoin’s all-time high of nearly $69,000 in 2021.
The crypto trader says he sold off Bitcoin as the king crypto traded at the $30,000 level earlier this week and on Friday he sold off Litecoin (LTC) and XRP, after buying all three in November.
“Sold BTC in the last few days, LTC and XRP today.
BTC ~ Up 90%
LTC ~ Up 65%
XRP ~ Up 50%
It’s been a pleasure, didn’t think I’d get these kinda moves so fast but happy about it. I’ll give it some time before deciding where I want to trade next.”
On Tuesday, DonAlt said he made 2x on his Bitcoin investment.
“Closed the position (for now). I’m happy with the 2x and am gonna chill for a while until I see another great opportunity. I’m not bearish but I wanna take it easy in the next few months and think about other things than the BTC price.”
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The post Trader Who Accurately Called 2022 Crypto Bottom Rules Out New Bitcoin Lows – But There’s a Catch appeared first on The Daily Hodl.
source https://dailyhodl.com/2023/04/14/trader-who-accurately-called-2022-crypto-bottom-rules-out-new-bitcoin-lows-but-theres-a-catch/