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Trader Who Accurately Predicted 2023 Crypto Rally Unveils Full-Bull Scenario for Bitcoin – But There’s a Big Catch

by Daily Hodl Staff
April 16, 2023
in Bitcoin, Trading

A closely followed analyst who nailed this year’s crypto rally says he sees a scenario where Bitcoin (BTC) erupts and rallies close to its all-time high of around $69,000.

Pseudonymous analyst DonAlt tells his 476,800 Twitter followers that Bitcoin bulls have one more resistance level to take out at around $33,000 to give rise to a full-blown bull market.

However, the crypto trader does not see BTC taking a straight path toward the all-time high should Bitcoin move above its immediate resistance. According to DonAlt, the breakout rally at $33,000 will likely be followed by a swift corrective move.

“I think if it goes full bull it would look something like this… There will be a big nuke for me to get trades in, there always is” 

Image
Source: DonAlt/Twitter

Looking at the trader’s chart, it appears that the breakout rally could propel Bitcoin close to $50,000 before coming back down and finding support at $30,000.

Fellow crypto strategist Cred appears to have a similar forecast for Bitcoin. The pseudonymous crypto analyst says that Bitcoin is not likely to face any resistance until it hits the $32,250 price level with the next area of concern at around $35,000. Break those levels and Cred thinks that Bitcoin could quickly ascend to $40,000.

“Sellers have had a hard time selling this market under $30,000. Personally didn’t see $30,000> as an important area of resistance. I think low-mid $30,000 is the area that actually matters. Will look for rotations lower from there before market teleports to $40,000 and liquidates me.”

Image
Source: Cred/Twitter

At time of writing, Bitcoin is trading for $30,494.

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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 losses 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.

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