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.”
![](https://dailyhodl.com/wp-content/uploads/2024/02/DonAltRun.png)
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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