A crypto strategist who accurately predicted the bottom price of Bitcoin (BTC) last year believes that the king crypto is now in the early stages of a new bull market.
Pseudonymous analyst DonAlt tells are 471,000 Twitter followers that many traders still believe Bitcoin is still in a downtrend, even after breaking a multi-month reversal pattern.
“All I see is disbelief. I’m not sure if it’s my own fault that crypto is doomed to zero or if it’s the disbelief of the idiots who think shorting in 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 drop while supporting his claim that a disbelief rally is underway.
A disbelief rally traditionally occurs at the start of a bull market, when traders conditioned by the previous bear market still expect prices to fall eventually, despite the strength of the asset.
“BTC has just come out of months of consolidation. And this is financing? I need someone smarter than me to explain this to me because this just seems like utter foolishness to me.
DonAlt also charts BTC’s worst case and best case scenarios. However, in both scenarios, Bitcoin just goes up.
“Worst case: red
In the best case: green.”
According to DonAlt, the breakout of BTC in a high time frame could move forward the king crypto up to $100,000.
“Greed entry: Now
Not So Greedy Entry: $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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