An analyst who accurately hit the crypto bottom in November 2022 says he expects Bitcoin (BTC) to rise above this year’s high of around $31,000.
Pseudonymous analyst DonAlt tells are 51,500 TechnicalRoundup YouTube subscribers that Bitcoin is likely to break out of an “indecision zone” and reach over $32,000.
“We have resistance every week, but we have already tested that a million times before. And now we’re trading right in between that breakdown level [of under $32,000] and I called this “indecision zone” months and months ago. And you can see how we’ve struggled with this.
But since we now have a catalyst, I think we can break it. And then we can have quite a bit of fun north of $32,000.
Bitcoin is trading at USD 30,120 at the time of writing.
According to the trader, the catalyst that started the rally was giant asset manager BlackRock that applied for a spot Bitcoin exchange-traded fund (ETF).
“If we hadn’t gotten the BlackRock ETF news, I think this would have failed. It would have gone into this kind of support [around $22,000] and then shot up.
But we have the news. And the good thing about that is that when this was the case, a bunch of pretty sharp people were bearish, sidelined, or even went short. And then they were completely blinded. Which means they have to buy again. If they went short, they have to buy again to cover their short. Or they should actually get exposure…
So a bunch of people scrambling for position to either close their positions or take one, this is what followed. That’s kind of my take on how this played out…
That’s the perfect kind of recipe for a pump, because any price will be good value for them. And that’s kind of what we’re going through right now. And I don’t think this is going to stop. I think the moment this is going to stop, it’s going to be with a huge candle up. Where people are just completely FOMO because this is the best fundamental news we could have had while the market was trending very bearish.
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Image generated: Midway through the journey