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

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After a bearish market that affected most of its assets, the cryptocurrency marketplace flashes yellow. Bitcoin ( BTC is following suit and recording an increase in daily and weekly charts. Experts believe there may be an upward trend in the near future.

A professional crypto trader, identified by his Twitter account @CryptoDonAlt has stated his belief that Bitcoin could see a significant rise upwards, and set $30,000 as the target support level. According to his tweet published July 6.

DonAlt tweeted that this did not necessarily mean the end of the bear markets but could indicate a’sizable mean reversion’. He said that although there is still a lot of work, he likes the chart.

Responding to a comment below the original tweet, the cryptocurrency trading expert also stated that Bitcoin could reach 30k and still make new lows after.

Analysis of Bitcoin prices

Finbold reported earlier that Bitcoin’s price had dropped as much as 44% from the United States Independence Day 2021. It fell from $35,287 down to $19,600 July 4, 2022. Its price has risen somewhat since then.

The price of the maiden cryptocurrency was at $20,188 at press time. This represents a 4.12% increase over the previous day but only 0.49% growth across the seven preceding days, CoinMarketCap data shows.

Mike McGlone, a Bloomberg senior commodity strategist, believes that Bitcoin losses in half the year can be used as a foundation to investors. He may favor responsive in 2022, based on prior rallying foundations.

However, market leaders aren’t convinced that crypto is safe. The Danish-based Saxo Bank concluded that the crypto markets were currently still ‘in uncertainty’. They also noted that changes in macroeconomic sentiment, regulation and institutional adoption would determine the rally.