A closely followed analyst who nailed this year’s crypto rally says he sees a scenario where Bitcoin (BTC) erupts and rallies close to its all-time high of around $69,000.
Pseudonymous analyst DonAlt tells his 476,800 Twitter followers that Bitcoin bulls have one more resistance level to take out at around $33,000 to give rise to a full-blown bull market.
However, the crypto trader does not see BTC taking a straight path toward the all-time high should Bitcoin move above its immediate resistance. According to DonAlt, the breakout rally at $33,000 will likely be followed by a swift corrective move.
“I think if it goes full bull it would look something like this… There will be a big nuke for me to get trades in, there always is”
Looking at the trader’s chart, it appears that the breakout rally could propel Bitcoin close to $50,000 before coming back down and finding support at $30,000.
Fellow crypto strategist Cred appears to have a similar forecast for Bitcoin. The pseudonymous crypto analyst says that Bitcoin is not likely to face any resistance until it hits the $32,250 price level with the next area of concern at around $35,000. Break those levels and Cred thinks that Bitcoin could quickly ascend to $40,000.
“Sellers have had a hard time selling this market under $30,000. Personally didn’t see $30,000> as an important area of resistance. I think low-mid $30,000 is the area that actually matters. Will look for rotations lower from there before market teleports to $40,000 and liquidates me.”
At time of writing, Bitcoin is trading for $30,494.
Generated Image: Midjourney