Bitcoin is ruined if it drops below $23,000, according to DonAlt

DonAlt is a famous trader who accurately predicted the bottom price of bitcoin (BTC) in 2022. On March 29, he posted a video on his YouTube channel. In it, he shared his new outlook on the queen of crypto. Here is crypto strategist DonAlt’s new prediction.

Bitcoin on its way to $35,000 resistance?

The price of bitcoin climbed significantly from March 12 to March 13, after a government announcement on SVB. Since then, the queen of crypto has been continuing a bullish trend that traders like DonAlt believe could grow. The trader recently expressed optimism about the future of bitcoin (BTC). He explained, “So far, so good, right? The buys that we’ve done at $16,000 have almost doubled. And, there is still quite a bit to go. So, monthly looks good, monthly is bullish”.

The crypto strategist added that if bitcoin maintains an upward trajectory, “the next resistance is $35,000.” However, DonAlt believes that his bullish thesis will be invalidated if bitcoin falls towards $22,000. “If the next two days go horribly wrong, and we dump below $23,000, forget I ever said that and hide in your bunkers because we’re fucked at that point,” said the well-known trader.

DonAlt added, “The week looks amazing as long as we realistically hold $20,000. That said, my new invalidation for anything is really below $22,000. Basically, if we come back below this current impulse candle that we’ve had, I think it’s done for.” Still, the crypto strategist doubts that his bullish thesis can be invalidated. However, the flagship crypto is currently trading around $28,500.

The influence of the banking crisis

DonAlt believes that the banking crisis in the United States has contributed to the price increase in the crypto market. “Bank bailouts is basically the most bullish thing you can have for cryptos. It’s why cryptos exist, it’s why a lot of us are in this market,” he explained. Many crypto traders think like DonAlt. At the same time, some feel that Bitcoin is not really a good alternative to the current financial system.