Bitcoin Flashing ‘Alpha Male’ Setup and on Track to Witness Optimal Outcome, Affirms Prominent Crypto Analyst
A crypto expert who accurately predicted the lowest point for Bitcoin in 2022 believes that the leading cryptocurrency is now poised to experience the best-case scenario after a predominantly bearish period last month.
Pseudonymous analyst DonAlt, addressing his substantial following of 59,200 subscribers on YouTube, asserts that Bitcoin is displaying strength by recovering the crucial $60,000 mark shortly after experiencing a temporary decline earlier this month.
The analyst identifies this false downward movement as a potential catalyst for a significant upward surge for BTC, describing it as an “alpha male” setup that typically leads to substantial profits when the daily timeframe appears bearish while the weekly and monthly timeframes remain bullish.
While DonAlt maintains a bullish outlook for BTC, he clarifies that he does not anticipate the cryptocurrency to establish new all-time highs just yet. He highlights that Bitcoin had already surged by more than 170% from October to March, and therefore requires additional time to consolidate its gains before embarking on another explosive rally.
Emphasizing the benefits of a period of consolidation, DonAlt believes that the longer Bitcoin trades sideways, the more favorable the conditions become for bullish traders. This period of stabilization allows for the digestion of the previous significant price movement without triggering a market crash. DonAlt suggests that a false breakdown followed by a sideways trend would present the optimal outcome for Bitcoin.
As of now, Bitcoin is traded at $64,285, indicating a positive trend.
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