A crypto analyst who boldly turned a bitcoin bull at BTC’s lows in November is updating his outlook on the market following a significant pullback.
The pseudonymous German trader, whose Twitter alter ego is an anthropomorphic duck, tells his 460,000 followers that anyone shorting BTC can make a mistake.
DonAlt says that BTC’s recent uptrend – simply defined as an asset that has posted a series of higher highs in price paired with higher lows – remains intact.
In a recent YouTube update, DonAlt said that it would take a big pullback for him to reconsider his belief that this rally is just beginning.
“What I don’t want to see is just a huge decline.
Let’s say we go to $20,000, $19,000, which is where I start to worry a little bit that my thesis is wrong.
It can obviously go up after that point but I think my thesis is wrong, which probably makes me want to sell.
Everything [above] That – I mean I don’t think anything can get me out of position at this point.”
Bitcoin reached a low of $15,724 on 9 November last year and reached a high of $24,182 on 1 February.
At the time of publication, BTC is trading at $21,808, up 0.6% over the past 24 hours.
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Featured Image: Shutterstock / SimplyB / Date Luadthong