Notable Crypto Chart Master DonAlt Believes Bitcoin Will Behave Sideways Until It Passes $6,000
In order for Bitcoin to find some stability, it will have to pass $6,000. This is what the Twitter user and trader, DonAlt says about the virtual currency. He explained that Bitcoin is going to be traded sideways for a long period of time (until it reaches $6k).
DonAlt Believes The Market Will Be Trading Sideways
Several analysts believe that if Bitcoin is able to surpass $4,400, a very important price level for the digital asset, it could start growing once again and reach higher highs.
Nevertheless, DonAlt explains that higher lows and higher highs do not mean that the bear market is over. He went on saying that he would be trading sideways until Bitcoin reaches $6,000.
I see the notion thrown around quite regularly that if BTC can go to $4400+ that'd be the start of a bull market.
A higher low in combination with a higher high does not mean the bear market is over.
I'll trade expecting sideways till 6k is breached.
Sell resistance buy support. pic.twitter.com/snnnjmu1wK
— DonAlt (@CryptoDonAlt) February 23, 2019
In another Tweet, DonAlt says that he is not arguing for new lows, but instead, he is saying that the digital currency will be trading sideways during the next months. Moreover, going to $4.4k does not mean that Bitcoin cannot go down to $3.4k or retest $3.2k.
Another cryptocurrency analyst and expert, Alex Krüger, explained that in order for Bitcoin to become bullish once again it has to reach $6,000 and a larger interest from the public. This is something that the digital currency does not currently have.
$5,000 is also a very important price for the most popular cryptocurrency. According to Mati Greenspan of eToro, if Bitcoin breaks $5,000 and receives support from the community, it could mean that the bear market is over.
Bitcoin has been in a bear trend since it reached $20,000 back in December 2017. After it, Bitcoin fell more than 80% and dragged the market to a bear trend that lasted more than an entire year.
During the last days, Bitcoin was able to surpass $4,000 after a long period of time. The sentiment regarding Bitcoin is currently very positive and investors are waiting to see higher highs in the near future.
At the time of writing this article, Bitcoin is being traded around $4,126 and it has a market capitalization of $72.44 billion. In the last 24 hours, Bitcoin grew 3.59%.