A closely tracked analyst believes that Bitcoin is almost ready to pull off a big move now that the leading crypto asset by market cap breached a key psychological support area of $30,000.
In a new strategy session, DonAlt says that the fear and the panic in the crypto markets are leading him to believe that Bitcoin could either ignite a massive capitulation event or launch a rally to $58,000 and leave BTC bears in disbelief.
“In the next month, two or three, we’re going to either see the capitulation everyone wants or we’re going to see this thing close back up the range and actually start moving back up the range again… There’s going to be an opportunity be it at much lower because I have the next support at $14,000 or be it just by the range reclaim where I think there’s a good chance that this thing actually doubles again towards the range high.”
According to the crypto analyst, Bitcoin’s current market structure tells him that the bottom is likely in. However, he’s wary of BTC’s strong correlation with the stock market.
“There’s a good chance that it’s the end of the trend. I think there’s a good chance we go up. But like I said, if this was just crypto, if we weren’t as correlated, I’d make a big, big bet on this being the bottom… I look at this thing and I’m like, ‘It’s probably close to the bottom.’ And then I look at the S&P… the S&P could just wipe out, [BTC] goes down to $14,000.”
At time of writing, Bitcoin is changing hands for $30,445.
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Kiselev Andrey Valerevich/Andy Chipus