The world of cryptocurrency is always considered an unpredictable journey by some. It may be a good option to benefit from the opinions of experts on this subject. A popular crypto expert known for his successful predictions also shared his current predictions on the Bitcoin (BTC) price to guide those in need. Here are the details…
Analyst DonAlt recently claimed that the potential approval of a spot-based Bitcoin exchange-traded fund and the upcoming Bitcoin halving event could push the entire crypto market “pretty high.” It presented an interesting scenario that these important developments could bring an end to the Bitcoin bear market.
“The whole reason I’m expecting a Bitcoin rally is because of a combination of the two: the Bitcoin ETF coming, I think most people now accept that it’s coming very soon, and secondly, the halving. I mean, halving is a common thought in my opinion, but it’s a beautifully unified narrative…
“I think if the market does something good, if the market is at least a little bit bullish, that narrative (a one-two punch) could do a lot of damage to the bears and push the market pretty high overall.”
DonAlt is a respected analyst in the cryptocurrency market and is known for such predictions. Approval of a spot-based Bitcoin exchange-traded fund could trigger greater interest from institutional investors in the cryptocurrency market. This could increase the liquidity of the market and accelerate the mainstream adoption of Bitcoin. At the same time, approval of a spot-based fund could increase traders’ and investors’ confidence in cryptocurrencies.
Additionally, the upcoming BTC halving event is also a major attention-grabbing factor. Bitcoin halving is an event that cuts Bitcoin’s block reward in half. This leads to the supply of Bitcoin decreasing, thus making the asset more limited. In the past, Bitcoin halving events have often caused increases in the value of Bitcoin. Analyst DonAlt suggests that this upcoming event could positively impact crypto markets and spell the end of Bitcoin bears.
Looking at the long-term picture, DonAlt believes BTC will reach a new all-time high towards $100,000.
“My whole thesis… the rise from $16,000 to $40,000 and then to $100,000. This was my trading idea when I bought it at $16,000…
I repurchased it now at $28,000 ready to move it to $40,000 to $45,000. The same idea still applies; high time frame idea. And I still don’t think we’ll go below $16,000. (…)
“I’m a little bit more aggressive because I want to have a position if this goes up because my whole thesis on the market is that I think it’s likely to go up over the next 12 months.”
At press time, Bitcoin is trading at $26,897.
You can follow the current price movement here.