A crypto strategist who accurately predicted Bitcoin’s (BTC) floor price last year believes that the king crypto is now in the early stages of a new bull market.
Pseudonymous analyst DonAlt tells his 471,000 Twitter followers that many traders still believe that Bitcoin is still in a downtrend even after breaking out from a multi-month reversal pattern.
“All I see is disbelief. Not sure whether it’s my own that crypto is bound to go to zero or if it’s disbelief of the idiots that think shorting into a banking crisis after a nine-month bullish reclaim and range breakout is a good idea.”
The popular crypto trader shows the negative funding rates in various crypto exchanges, indicating that traders are still betting on BTC to go down, while supporting his thesis that a disbelief rally is underway.
A disbelief rally traditionally happens at the start of a bull market, when traders that have been conditioned by the previous bear market still expect prices to eventually go lower despite the asset’s strength.
Says DonAlt,
“BTC just broke out of none months of consolidation And this is funding? Need someone smarter than me to explain this to me because this just looks like utter foolishness to me.”
DonAlt is also mapping out BTC’s worst-case and best-case scenarios. In both scenarios, however, Bitcoin just goes up.
“Worst case: red
Best case: green.”
According to DonAlt, the high timeframe breakout of BTC could propel the king crypto to as high as $100,000.
“Greed entry: Now
Not so greedy entry: $25,606
Target 1: $36,000
Target 2: $60,000
Target 3: $100,000.”
At time of writing, Bitcoin is trading for $27,570.
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Featured Image: Shutterstock/maddrest/LongQuattro
