An analyst who rode the crypto rally earlier this year says Bitcoin (BTC) is looking extremely bullish as the leading digital asset finds acceptance above $34,000.
Pseudonymous analyst DonAlt tells his 507,900 followers on social media platform X that Bitcoin is now trading in a wide range between $32,000 and $60,000.
Bitcoin trading well above the low of $32,000 indicates that the BTC bulls are in full control.
“Strong acceptance above reach low. It doesn’t get much better than that.
As long as $32,200 holds, I don’t see why anyone could be anything other than mega bullish. If we were to lose the low range, we can start talking about being bearish.”
The top trader previously said that Bitcoin does not have a high time resistance until $60,000.
At the time of writing, BTC is trading at $34,957.
Looking at the smart contract platform Ethereum (ETH), the analyst says Ethereum will likely continue to underperform against Bitcoin. The analyst shares a chart showing that the ETH/BTC ratio is in an ongoing downtrend.
DonAlt says he’ll start with that reconsider his bearish stance on ETH/BTC if the pair manages to recover a key price area.
“I worry if it goes above 0.06 BTC ($2,096), not every day it moves 1%.”
At the time of writing, ETH/BTC is trading at 0.0542 BTC ($1,894), down about 25% since the beginning of the year when it was trading at 0.0723 BTC ($2,526).
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Generated image: Midjourney