A crypto strategist who accurately predicted the bottom price of Bitcoin (BTC) over the past year believes the king crypto is now in the early stages of a new bull market.
Pseudonymous analyst DonAlt told his 471,000 Twitter followers that many traders still believe Bitcoin is still in a downtrend even after breaking out of a multi-month reversal pattern.
“I only see disbelief. I’m not sure if it’s my own that crypto will inevitably go to zero, or if it’s the disbelief of the idiots who think short selling will result in a banking crisis after nine months of bullish reclamation and a range breakout good idea.”
The popular crypto trader is showing the negative funding rates on various crypto exchanges, indicating traders are still betting on BTC going down while supporting his thesis that a disbelief rally is underway.
A disbelief rally traditionally occurs at the beginning of a bull market, when traders, conditioned by the previous bear market, still expect prices to eventually fall despite the asset’s strength.
Says DonAlt
“BTC just didn’t break out of a month-long consolidation. And this is funding? I need someone smarter than me to explain this to me because it just looks utter stupidity to me.”
Source: DonAlt/Twitter
DonAlt also outlines BTC’s worst-case and best-case scenarios. However, in both scenarios, Bitcoin simply goes up.
“Worst case: red
In the best case: green.”
Source: DonAlt/Twitter
According to DonAlt, BTC breakout could be possible on the high time frame to drive the king crypto up to $100,000.
“Greed Entry: Now
Not-so-greedy admission: $25,606
Goal 1: $36,000
Goal 2: $60,000
Goal 3: $100,000.”
At the time of writing, Bitcoin is trading at $27,570.
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