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Professional trader hints at ‘sizeable’ upward move as Bitcoin regains support level

Professional trader hints at 'sizeable' upward move as Bitcoin regains support level

As the cryptocurrency market flashes green after a bearish crisis that impacted most of its assets, Bitcoin (BTC) is following suit, recording an uptick both in terms of daily and weekly charts, and leading some experts to see the possibility of an upward reversion in the near future.

Specifically, a professional crypto trader known by his Twitter handle @CryptoDonAlt, has expressed his belief that Bitcoin could be in for a considerable move upward, setting $30,000 as the target support level to watch out for, according to his tweet published on July 6.

In the tweet, DonAlt said that this didn’t necessarily spell the end of the bear market, but possibly “a sizeable mean reversion.” He also said that there was “still A LOT of work to do but I still very much like this chart.”

Bitcoin TradingView chart. Source: CryptoDonAlt

Replying to a comment under the original tweet, the crypto trading expert has also specified that Bitcoin “could see it go to 30k and still make a new low after.”

Bitcoin price analysis

Earlier, Finbold reported that Bitcoin had declined as much as 44% since the United States Independence Day in 2021, dropping from $35,287 to $19,600 on July 4, 2022. However, its price has somewhat recovered since then.

At press time, the price of the maiden cryptocurrency stood at $20,188, recording a 4.12% increase on the day, albeit only a 0.49% gain across the previous seven days, according to CoinMarketCap data.

Meanwhile, Bloomberg senior commodity strategist Mike McGlone believes that Bitcoin losses in the first half of the year can act as a foundation for investors, possibly favoring the responsive ones in the second half of 2022 based on previous rallying foundations.

On the other hand, some market leaders don’t think that the crypto sector is in the clear yet, with the Danish-based Saxo Bank concluding that the crypto market was currently still “in limbo” and noting that the general rally would depend on changes in the general macroeconomic sentiment, regulation, and institutional adoption.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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