The effects of the most recent publication of Personal Consumption Expenditures index data are still being felt in the cryptocurrency market. Including Bitcoin, 2022 has been an extremely difficult year for all cryptocurrencies. In fact, throughout the course of 2022, Bitcoin, the largest cryptocurrency in the world, lost up to 65% of its market value.
A crypto trader who rightly predicted the bottom of Bitcoin’s price in November and sold the cryptocurrency at its most recent peak, at about $24,700, has now fully reentered the market. This time, according to anonymous analyst DonAlt, he bought Bitcoin at a price of $23,000, which he warns is a critical level in the near term.
He said that he bought BTC early and in general his aim was attained. In contrast, if this dump continues, he is genuinely sensing bearish signals. In order to prove his bearish thesis wrong, BTC basically needs to pump, otherwise, he said that we will land in trouble.
He also believes that there is considerable risk involved as BTC has a monthly and weekly bearish setup if the monthly is close to the way he predicted.
Ethereum
DonAlt also said that he doesn’t like the Dollar chart on the daily, weekly, or monthly time frames for Ethereum (ETH). He claimed that ETH looks better when combined with BTC. He believes that the $1,500 level is a solid one overall.
“As long as we’re trading above there it looks ok, and I think in general that $1,500 level is a good one. If we should nuke, I think that’s a good level to buy, low time frame obviously.”
Litecoin
Also, the trader purchased Litecoin (LTC) at a discount and continues to be positive in the long term. His current upside objective is somewhere around $220.
“My target is $220-ish right now. The best support is the weekly support at $77. I think the chances of it playing out are 50-50, so that’s a trade I’d be willing to take any time. So whether I’m in it from $60 or in it from $90, if I didn’t have the position I would technically want to have a position with the view that I have.”
