A popular crypto analyst is predicting that Bitcoin (BTC) will soon make a sudden move to the upside and cross a key level.
In a new strategy session, crypto strategist DonAlt tells his 56,800 YouTube subscribers that Bitcoin is on the verge of breaking out of a resistance level on the weekly chart and could soar more than 32% from its current value.
However, the analyst warns if the breakout fails Bitcoin could dip below the $40,000 range.
“If this breaks out [of the $43,622 level] on the weekly timeframe, trust it until it fails. If this breaks out, I don’t really see a good reason to be bearish. It just doesn’t make any sense. It’s a strong chart with a clear direction, then you’re betting on higher.
And if that fails, it’s probably going to fail spectacularly. If that breakout fails again like it did with the ETF (spot Bitcoin exchange-traded fund), I think it’s going to fail spectacularly so you’re going to get a move lower [to the mid $30,000s]. So starting from low $40,000s I think you’re going to be invalidated and then you lost a little bit but, you can buy quite a bit cheaper.
And if it breaks out, I think the more likely outcome would be just going higher to the next resistance and the next resistance is $60,000-ish, which would be quite exciting.”
The analyst says if Bitcoin moves to the downside it’s not likely to dip below the support level of $35,000 on the monthly chart.
“$35,000 big support. $45,000-ish big monthly resistance. That’s kind of the boundaries we’re moving in. And I honestly think there’s a good chance that this is going to be where we are going to be for a while…
But generally speaking, monthly bullish. If you get a pullback, that’s a buy. The only level that it could pull back to that isn’t in the middle of nowhere, $35,000.”
Bitcoin is trading for $45,310 at time of writing, up 2.5% in the last 24 hours.
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