The popular analyst who correctly called Bitcoin’s rally this month says BTC still has more upside potential despite the king crypto’s nearly 38% year-to-date surge.
Pseudonymous analyst DonAlt tells his 456,500 Twitter followers that near the end of this month, BTC could see an influx of fresh capital from high timeframe (HTF) investors.
“The best part about this rally is that the HTFs are still bearish. Once this monthly closes, the monthly will finally flip bullish. So technically, the HTF guys should start arriving in two weeks, and all we got so far is just front running, and the real move is yet to come.”
Looking at the trader’s chart, a monthly close above $20,000 is high timeframe bullish for Bitcoin. Should BTC end the month on a bullish note, DonAlt’s first high timeframe resistances are around $35,000 first and then $58,800.
At time of writing, BTC is changing hands for $22,795.
According to DonAlt, Bitcoin will continue to rally until bears stop shorting Bitcoin.
“My narrative for this rally is basically sidelined capital pain fueled by bears retard shorting sub $20,000.
That narrative doesn’t really allow for pullbacks until we’re getting close to the top.
So up only until bears/sidelinooors buy, then down only for a while is my best guess.”
The crypto strategist also points out that Bitcoin’s current rally above $20,000 looks similar to BTC’s top at $69,000. DonAlt says that in both instances, Bitcoin printed false breakout setups.
“The top and the bottom are the same pattern.”