One of the few analysts who correctly predicted the bottom of Bitcoin last November and started buying Bitcoin, announced this time that he is considering the right time to sell Bitcoin and save profits.
According to Wallex and quoted by Daily Hodl, this trader who works in social networks with the nickname DonAlt, says that the market has conditions similar to 2020; Bitcoin recovers its value quickly after every price drop.
However, DonAlt believes there is a price range that could be problematic for Bitcoin.
He is referring to the $30,000 area, where we have traditionally seen long-term price stops and sideways trends. He is considering selling bitcoins to reduce his risk in the yen area. In May and June of last year, this level was one of the fundamental levels of Bitcoin price stabilization.
“Dan Alt” added in this regard:
I think we are approaching levels where you would consider selling. I was stupidly bullish at $16k earlier, stupidly bullish at $19k, $20k but at $20k to $31k-32k, I suspect problems will come…
He stated:
Given that we have a historical downtrend in this area, I suspect that the next bounce in the price of Bitcoin will be a good time to sell.
Despite his cautious approach, DonAlt believes that if Bitcoin can break above $32,000, then anything is possible. In completing his Bitcoin analysis, he added:
At prices above $32,000, you need to turn off your brain and go with the flow of the market.
But this would be difficult for me. I think at around $30,000, I will lighten my long positions a bit and save some profit.
In addition to Bitcoin, DenAlt also bought Litecoin in November in the $60 price range. Although the currency is currently worth $96, he says he has no plans to sell his litecoins even if the price of Bitcoin stalls at resistance levels:
I will probably keep my Litecoin position open because I am still satisfied with its situation. But in general, if Bitcoin crosses $32,000, any trade except hold will be very difficult. That’s why I’m not going to close out my entire position in case of the next price jump, because I know I’d be stupid enough to turn off my brain and start buying again at $32,000.
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