A trader who caught the crypto breakout earlier this year says two well-known narratives could spell the end for Bitcoin (BTC) bears.
In a new strategy session, analyst DonAlt tells his 53,500 YouTube subscribers that the potential approval of a spot-based Bitcoin exchange-traded fund along with BTC’s upcoming halving could take the entire crypto markets “quite high.”
[adinserter block="1"]The Bitcoin halving, which slashes BTC miners’ rewards in half, is slated for April 2024.
According to DonAlt, the two narratives will likely have more weight on price action once BTC gathers bullish momentum.
“The entire reason why I’m expecting a Bitcoin pump is because of the confluence between one: a Bitcoin ETF coming, which I think most people now agree that it’s coming pretty soon, and two, the halving. I mean the halving is a meme in my opinion, but it’s a nice coupled narrative…
I think if the market does something nice, if the market behaves at least a little bit on the bullish side of things, that narrative – that one-two punch – can do quite a bit of damage to bears and in general take the market quite high.”
Looking at the long-term picture, DonAlt says he still believes BTC will reach a new all-time high en route to $100,000.
“My whole thesis… $16,000 towards like $40,000 and then towards $100,000. That was the trade idea when I took [the trade] at $16,000…
Now I rebought $28,000 ready for the move to $40,000 to $45,000. The same idea still applies – the high timeframe idea. And I still don’t think we’re going to go below $16,000.
My grand scheme invalidation would still be a breakdown below $20,000 of my general idea of where this market is going to go. I’m a little more aggressive because I do want to have a position if this goes because my whole thesis for the market is one that I think where it’s actually likely to go up over the next 12 months or so.”
At time of writing, Bitcoin is trading for $26,869.
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