In the world of crypto trading, predicting the floor price of Bitcoin can make a trader’s reputation. And DonAlt, a pseudonymous trader and analyst who correctly predicted the floor price of Bitcoin in 2022, is updating his outlook on the flagship cryptocurrency. In a new TechnicalRoundup video, DonAlt tells his 49,500 YouTube subscribers that his bullish thesis will be invalidated if Bitcoin falls below $22,000.
A Dire Future for Bitcoin?DonAlt believes that Bitcoin’s future will be dire if it falls below the $22,000 threshold. He explained, “Basically if we come back below this current impulse candle that we’ve had, I think it’s done for.”
However, DonAlt remains optimistic that Bitcoin will maintain its upward trajectory. He added, “The buys that we’ve done at $16,000 almost up 2X. And there’s still quite a bit to go.”
Bitcoin is currently trading at $27,989 at the time of writing. If it continues to maintain an upward trajectory, the pseudonymous trader says that the next resistance level is $35,000.
The banking crisis has created a strong narrative for the crypto market, according to DonAlt. He proceeded to say that bank bailouts are basically the most bullish thing that can happen for crypto. It’s why crypto exists, it’s why a lot of us are in this market. It’s basically opening the eyes to a lot of people that what’s going on in the world is not really right, he said.
Key Support and Resistance LevelsOn March 31, BTC momentarily dropped to two-day lows of $27,533, as shown by data from CoinMarketCap. However, a modest bounce had the king coin is trading at around $27,900 at the time of writing, as traders flag the most important support and resistance levels going forward.
For bulls, they should preserve the $27,700 key support, which forms the equilibrium (EQ) level. However, falling below that level should not be a cause for worry unless BTC tumbles down to $22,000.
On a more optimistic note, the analyst believes that Bitcoin has frankly pivoted its structure to produce a clean break with the bear market in place since its latest all-time highs back in November 2021. Traders now have clear invalidation and can cut longs on acceptance back into the range below $27,000. Bitcoin going down to $22k is something I truly don’t see happening at all.
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Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.