An analyst who bucked the trend and bought Bitcoin (BTC) at its lows late last year is updating his outlook on the crypto markets.
The pseudonymous trader, who goes by the name DonAlt, says Bitcoin now has a sustainable, real narrative amid the backdrop of failing banks in the US and abroad.
At this point, the trader believes BTC will never again dip below $20,000, and bears waiting for another crypto meltdown will not get the entry they are looking for.
This literally just means I think $20k was THE low and we’ll not go below it again
If I’m wrong the whole idea is wrong, but I doubt I am.
Given I don’t know the future it’s nice to know that I’ll lock in 30% gains in the worst case anyway https://t.co/f91j3Stu49
— DonAlt (@CryptoDonAlt) March 15, 2023
DonAlt says he’s not done buying, and a BTC breakout to $100,000 is his target.
“If you’re selling while banks are failing you should’ve never bought in the first place. This is not a short term narrative, it’s not like ‘Hey Elon bought.’ It’s a systematic thing…
We’re almost at $30,000 even though in the last 12 months:
-Luna went tits up
-Voyager bit the dust
-FTX exit scammed
-Genesis was slain
-Bitzlato was taken from us
-US crypto banks got shut down
-Aggressive SEC intervention”
Bitcoin has rallied from a recent March 10th low of $19,622 to $24,555 at time of publishing. The top crypto asset is down 1% in the last 24 hours.