A top trader who caught the crypto breakout at the start of the year is unveiling the best path for Bitcoin following the potential approval of spot market BTC exchange-traded fund applications (ETF).
Pseudonymous analyst DonAlt tells his 56,000 YouTube subscribers that a lengthy consolidation period is probably the healthiest outcome for Bitcoin after the possible ETF approval.
The crypto strategist says that while the ETF announcement, which is due on January 10th, will likely be a sell-the-news event, he does not think Bitcoin will nosedive below $20,000.
“We might get the sell-the-news event thing but then we might just go sideways afterwards.
I’ve seen a bunch of people speculate on the market just going straight to all-time highs. And it seems a little far-fetched just based on where we are coming from like how this bear market was and what we went through.
But also I’ve seen a bunch of people target stupid low numbers, like ‘This is going below $20,000. It’s making new lows after the ETF.’ That’s just completely and utterly stupid, too.
So I think there’s going to be something in the middle, and I actually think the most likely outcome is just a very lengthy consolidation in 2024, which is the most boring but I think it would be the most healthy.”
DonAlt highlights that Bitcoin trading in a wide range for the first few months of 2024 without hitting new all-time highs would be long-term bullish for BTC.
“If you want the price to go up, I think the best thing that could happen is that we just have January, February [and] March sideways even though we get the ETF announcement.
Imagine we just oscillate around $40,000, go towards $35,000, $45,000 [or] maybe even $50,000 – like stay in that range in Q1. That would make me the most bullish on the market.”
The analyst also predicts that Bitcoin will hit $60,000 next year but BTC won’t be able to break that high time frame resistance in one go.
At time of writing, BTC is worth $42,097.
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