An analyst who witnessed the crypto rally in early 2023 believes that Bitcoin (BTC) is one resistance level away from rallying to $60,000.
In a video update, crypto strategist DonAlt tells his 56,800 YouTube subscribers that the price range between $44,000 and $45,000 is the only supply level keeping Bitcoin from witnessing a major surge to the upside.
DonAlt sees a scenario where Bitcoin first hits support around $38,000 before breaking out at $45,000 and rising towards $60,000.
“As far as resistances go, we are still struggling at $44,000 right now, and that is where we are getting rejected. $44,000 [to] $45,000, that’s the midpoint of the range.
If that breaks, all that’s really left is the top of the range, which is $60,000, which is simple enough.
I think overall it could go up, come down again and then continue to rise.”
DonAlt also says that there were many bearish catalysts that could have pushed BTC to even lower levels following the adoption of spot Bitcoin exchange-traded funds (ETFs). The trader notes that since these factors have failed to cause a price decline, he thinks BTC is now unlikely to revisit support around $30,000.
“Overall, the sales of GBTC (Grayscale Bitcoin Trust), the leader of the [ETF] news [and] Profit taking has actually yielded nothing…
It seems pretty unlikely at this point that we’ll hit $32,000. It could just go to $35,000 or not even $35,000…
But then you also have a breakout level that you can trade at and that’s above $44,000 because we basically have a pretty tight range here…
If this is a bullish market and we break out here and we start to close above the range high, then you would expect this to happen. And where does it lead? $60,000 seems like the best resistance we have.”
At the time of writing, Bitcoin is worth $42,963.
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Generated image: Midjourney