One trader who continues to build a following with timely Bitcoin (BTC) calls thinks the crypto king could soar to $60,000 quite quickly.
Pseudonymous analyst DonAlt tells his 507,100 followers on social media platform to see furious rallies in the coming weeks.
The Analyst Says BTC’s Chart Looks Poised to Become ‘Supersonic’
“I’d love to be bearish, but how on earth could I do that with a chart like this?
I’d rather risk some of my profits before selling something that looks like it wants to go supersonic…
We are at a strange point in the market cycle where I wouldn’t be surprised if we were trading at $60,000 a month from now.”
At the time of writing, Bitcoin is trading at $37,033. An increase towards DonAlt’s target indicates a gain of approximately 60% in a short time.
DonAlt say The only tailwind that could send Bitcoin flying is the hype surrounding the possible approval of a spot-based BTC exchange-traded fund (ETF). However, he warns that if a BTC ETF is approved, savvy traders could use the event to lock in their gains.
“The BTC spot ETF game is one of the easiest things to trade in recent history.
Bulls clearly wouldn’t sell before the ETF and the halving, and honestly, even most bears weren’t stupid enough to become so obviously bearish in a catalyst.
Once the ETF is done, things get tough. It could be a sell-the-news event, but it can’t be. I just do not know. In a funny way, the longer this ETF decision takes, the higher the prices are likely to be. Because until it actually happens, there are very few reasons to sell.”
The analyst too say that the odds are not in favor of crypto bears who are still waiting for BTC to dump everything to a new cycle low.
“People here are still talking about $12,000. BTC is more likely to go to $100,000 here than it is to go back to $12,000.”
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Generated image: Midjourney