DonAlt, a popular crypto analyst, has drawn an optimistic scenario that with Bitcoin falling below $42,000, the crypto king could experience a significant rise in the near future. DonAlt states that considering historical price patterns, Bitcoin could gain more than 45% from its current value. However, the analyst also warns that BTC may correct afterwards. Details are in our news…
By comparing the price movements of 2021 and 2018, DonAlt emphasizes that these two periods have striking similarities. In particular, he states that the consolidation and subsequent bear market in 2018 show a striking parallel with the situation in 2021. The analyst thinks that these similarities may offer clues about Bitcoin’s future movements.
“The consolidation we experienced in 2018 and the subsequent bear market [2021’deki ile] By comparison, they are strikingly similar so far. There was a huge increase. Then you had a large bearish candle from the all-time high for both 2018 and 2021. Here [2018’de] There was two months of consolidation. Here [2021’de] three months of consolidation and then another nuke. So it’s pretty similar. So there is a peak. There is consolidation. There is a bottom, there is a top, there is consolidation, there is a bottom.
And then Bitcoin rose (in 2023), similar to what it did in 2019. But much slower. 2019 has literally skyrocketed. “It broke the resistance and here (in 2023) we haven’t been able to do that so far but we are trading on it.”
NEWS CONTINUES BELOW
Additionally, DonAlt believes that a possible approval of Bitcoin exchange-traded funds (ETFs) in the spot market in January could push the price to $60,000. According to the analyst, after this potential rise, Bitcoin is likely to first drop to $35,000 and then enter a major uptrend by exceeding $60,000.
“If you’re going to be bullish on this, you might say: Hey, we still have 20 days before we close for this quarter. If it moves towards resistance like $60,000, maybe [2019’un] we will have a repeat… I think the ETF will have a news selling event and the ETF will come in January. So if FOMO (fear of missing out) people push it higher, the best resistance we have is $60,000. And then it would make sense to experience the downside for a slightly longer period of time, from a few months to six months. So that basically means $60,000, then $35,000. Then upwards.”
Bitcoin is trading at $41,144 at the time of writing.
You can follow the current price movement here.