An analyst who rode the crypto rally at the start of 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 area between $44,000 and $45,000 is the only supply level stopping Bitcoin from witnessing a big burst to the upside.
DonAlt sees a scenario where Bitcoin touches support at around $38,000 first before taking out $45,000 and rallying toward $60,000.
“In terms of resistances, we’re still struggling with $44,000 right now and that’s where we’ve been getting rejected. $44,000 [to] $45,000, that’s the midpoint of the range.
If that breaks, the only thing that’s really left is the top of the range which is $60,000, which is straightforward enough.
I think generally, it could go up, come back down and then go further up.”
DonAlt also says there were a lot of bearish catalysts that could have pushed BTC to even lower levels following the approval of spot Bitcoin exchange-traded funds (ETFs). The trader notes that since those factors have failed to induce a price collapse, he thinks that it is now unlikely that BTC will revisit support at around $30,000.
“In general, the GBTC (Grayscale Bitcoin Trust) selling, the frontrunning of the [ETF] news [and] profit-taking haven’t really done anything…
It seems quite unlikely at this point that we’re going to get to $32,000. It could just go to $35,000 or not even go to $35,000…
But then you also have a breakout level that you can trade and that is above $44,000, because basically, we have a range here, quite tight…
If this is a bullish market and we break out of here and we start closing above the range high, you would expect this to run. And where does it run to? $60,000 seems to be the best resistance that we have.”
At time of writing, Bitcoin is worth $42,963.
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