A crypto trader who accurately named the bottom of the Bitcoin market for 2022 lays out a roadmap for BTC to reach a $90,000 price tag.
In a new strategy session, crypto analyst DonAlt tells his 56,400 YouTube subscribers that in a bullish scenario after the adoption of Bitcoin Exchange-Traded Funds (ETFs) in the spot market, BTC will not look back and will head straight towards resistance at $60,000.
DonAlt says that BTC is likely to witness a corrective move after reaching $60,000 and notes that the correction is likely to be quick and aggressive. After the pullback, DonAlt predicts an ensuing rally that will push BTC to a high of $90,000.
“The positive interpretation [of the BTC ETF approvals]: we’re going to $60,000. I think overall this would make a lot of people very excited. It is an old resistance level that has been tested twice before.
So I could see a lot of people being in the camp of saying, ‘Hey, we’ve tested this a few times before, we’re going to break out,’ and not respecting it and going into it with leverage… Bitcoin would be that. point extended quite far. So I could see this would be a nice retreat area.
If you go straight up, I think $60,000 would be very good resistance… I think that pullback would be quite aggressive, quite fast and one that you should absolutely buy…
If we get to $60,000, any pullback you get should be a buy because at that point we have tested $60,000 three times. I think it wouldn’t hold up on the next test and then you’d go to $70,000, $80,000 [or] $90,000.”
In a bearish scenario, DonAlt sees Bitcoin falling back to its high timeframe support of around $35,000 in the coming months.
“Now that the ETF is ready, we can finally start considering the levels on the chart again. I’m still on a break, but if we retest ~$35,000 or $45,000 (after an increase) in the next three months, I might be convinced to get back into business. If I went straight, I’d have to wait a little longer.’
At the time of writing, Bitcoin is worth $42,601.
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Generated image: Midjourney