An analyst who accurately nailed the crypto bottom in November 2022 says he expects Bitcoin (BTC) to go above this year’s high of around $31,000.
Pseudonymous analyst DonAlt tells his 51,500 TechnicalRoundup YouTube subscribers that Bitcoin is likely to break out of an “indecision zone” and rally above and beyond $32,000.
“We are at weekly resistance, but we’ve tested that a million times before. And now we’re trading right in between basically that breakdown level [of under $32,000] and I titled this months and months ago ‘indecision zone’. And you can see how like we’ve struggled with this.
But given we have a catalyst now, I think we can break it. And then we can have quite a bit of fun north of $32,000.”
Bitcoin is trading at $30,120 at time of writing.
According to the trader, the catalyst that triggered the rally was giant asset manager BlackRock filing for a spot Bitcoin exchange-traded fund (ETF).
“If we didn’t get the BlackRock ETF news, I think this would have broken down. It would have gone into this kind of support [around $22,000] and then shot up.
But we got the news. And the good thing about that is that whenever this is the case, a bunch of quite sharp people were bearish, were on the sidelines or were even shorting. And then they got completely blindsided. Which means they have to re-buy. If they were shorting, they have to re-buy to cover their shorts. Or they have to actually get exposure…
So a bunch of people who are scrambling to position to either close their positions or getting into one this is what followed. That’s kind of my view on how this played out anyway…
That’s the perfect kind of recipe for a pump because any price is going to be a good price for them. And that’s kind of what we’re going through right now. And I don’t think this is going to stop. I think the moment this is going stop it’s going be with a massive candle to the upside. Where people just completely FOMO the s**t the out of this thing because this is the best fundamental news that we could have gotten while the market was very very bearish-leaning.”
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