A crypto analyst who re-entered the market in November is mapping the path forward for Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).
Starting with Bitcoin, pseudonymous trader DonAlt tells his 47,000 YouTube subscribers that the upside target for the flagship cryptocurrency is $34,000 while the downside target is $19,000.
“You have a lot of upside. I think the upside on the monthly is basically if you don’t want to be too greedy, is $34,000.
And the downside is basically a close below $20,000, which could be anywhere from $18,000 to like $17,000, something thereabouts.”
According to DonAlt, if Bitcoin closes several times below $20,700, it would invalidate his bullish thesis.
“The danger zone, this is where if you get any like too many closes in this area, I think it starts getting dangerous as well. It’s between $20,700 and $19,300.
Anything in this area gets me a little bit nervous right because it invalidates or like it kind of takes away from my view.”
Bitcoin is trading for $23,765 at time of writing.
Turning to Ethereum, the pseudonymous trader says that the second-largest digital asset by market cap is set to outperform the number one crypto on the Ethereum/Bitcoin (ETH/BTC) chart.
According to DonAlt, ETH/BTC reaching highs of around 0.12 BTC last hit in 2018 could mark the end of the current or the next crypto rally.
“In general, I think ETH/BTC is going to go higher, it’s just a question of when…
ETH/BTC is headed for basically at least these highs – so 0.12 BTC. That’s very close to the flipping. And I think that’s pretty likely. I think that’s going to end this rally or the next one depending on when it does happen.”
Ethereum is trading for 0.07035241 BTC, or $1,656, at time of writing.
Turning to Litecoin, DonAlt says that his preferred trajectory for LTC is for it to retrace after rallying by at least 30% and then soar higher ahead of its halving.
“If it [Litecoin] breaks the $100 barrier, just go for like $130, $140 that would be quite nice. Like push up here [$130-$140], collapse back to $100 and then go for the real run. I’d be down for it.
It has the narrative too because we’re heading into Litecoin halving.”
Litecoin is trading for $99.55 at time of writing.
IDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney