An analyst who rode the crypto rally at the start of 2023 believes that Bitcoin (BTC) is one resistance level away from rallying to $60,000.
In a video update, crypto strategist DonAlt tells his 56,800 YouTube subscribers that the price area between $44,000 and $45,000 is the only supply level stopping Bitcoin from witnessing a big burst to the upside.
DonAlt sees a scenario where Bitcoin touches support at around $38,000 first before taking out $45,000 and rallying toward $60,000.
“In terms of resistances, we’re still struggling with $44,000 right now and that’s where we’ve been getting rejected. $44,000 [to] $45,000, that’s the midpoint of the range.
If that breaks, the only thing that’s really left is the top of the range which is $60,000, which is straightforward enough.
I think generally, it could go up, come back down and then go further up.”
DonAlt also says there were a lot of bearish catalysts that could have pushed BTC to even lower levels following the approval of spot Bitcoin exchange-traded funds (ETFs). The trader notes that since those factors have failed to induce a price collapse, he thinks that it is now unlikely that BTC will revisit support at around $30,000.
“In general, the GBTC (Grayscale Bitcoin Trust) selling, the frontrunning of the [ETF] news [and] profit-taking haven’t really done anything…
It seems quite unlikely at this point that we’re going to get to $32,000. It could just go to $35,000 or not even go to $35,000…
But then you also have a breakout level that you can trade and that is above $44,000, because basically, we have a range here, quite tight…
If this is a bullish market and we break out of here and we start closing above the range high, you would expect this to run. And where does it run to? $60,000 seems to be the best resistance that we have.”
At time of writing, Bitcoin is worth $42,963.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
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 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.
Generated Image: Midjourney
