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.
[adinserter block="1"]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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