Marginalized capital could flow back into Bitcoin (BTC) if that happens, according to Top Crypto Analyst

A closely followed cryptocurrency trader is unveiling a scenario where traders waiting on the sidelines will again flood Bitcoin (BTC).

In a new strategic session, DonAlt He says is keeping an eye on the 200-week moving average, an indicator that has marked the low for BTC during its previous bear markets.

According to DonAlt, a rally above the 200-week moving average would ignite BTC’s bullish momentum.

“The [200-week moving average] it is in an area where I think if we go back over [it], it is quite clear that it will go higher. They actually offer a nice trading opportunity … If we start closing above again, I think you’ll see a lot of marginalized capital moving, so it’s probably going to rise. ”

The 200-week moving average is currently hovering around $ 22,500.

DonAlt also says that if Bitcoin manages to rise, it is looking at $ 28,000 as an initial target. He points out that his target price could be much higher depending on the structure of the rally market.

“If we shake off what we’ve been through, I probably don’t want to sell $ 28,000. But it depends on how we get there. If we get it [scam] action but with only a much higher hold towards $ 28,000, I’ll be the first to walk out the door. That’s not what I want to see … because then I think what will happen is that it will slip in and then slowly bleed again …

But if we turn here and go towards $ 23,000 to $ 24,000 and then squeeze, then build a base, I think there’s really no good reason to sell. [at] $ 28,000. So I’ll hold on to my stuff and try higher. “

At the time of writing, Bitcoin is changing hands at $ 20,235, up more than 5% over the day.

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