An analyst known for his successful predictions in the cryptocurrency market predicts a big pump for Bitcoin. In addition, the analyst updates his outlook for the leading altcoin Ethereum and its rival Solana.
Bitcoin will withdraw funds from altcoins and then explode!
cryptokoin.comAs you follow from , activity in the market has increased. After the long winter market, the bulls are running free in the green pastures! It is also normal for them to take a listening break from time to time. The analyst nicknamed DonAlt, who correctly predicted the crypto bottom level in November 2022, shared his latest predictions. Analyst says Bitcoin will attract funds from altcoins to BTC. He predicts that this will lead to a huge explosion. DonAlt notes that Bitcoin will likely consolidate later, a move that will positively impact altcoins. In this context, the analyst makes the following statement:
And then you may see another Bitcoin consolidation like this. BTC ranges from roughly $33,400 to $35,200. Another rotation into altcoins where people are chasing the 5%, 10%, 15%, 20% and then maybe we could get some nice altcoin movement.
BTC reached a new 2023 high just below $36,000 earlier in the day. However, it later lost altitude. BTC was trading at $34,466 at the time of writing heading into the weekend.
DonAlt: There is a high probability of a jump for the leading altcoin
The analyst also evaluates the possible next course of action of Ethereum (ETH) in the short term. DonAlt says the following about ETH:
ETH: My view on this would be that altcoin sentiment in general appears to have increased. Like people are kind of euphoric on the altcoin front right now. Even if they are only regaining a small percentage of what they previously lost, I think they have a good chance of bouncing back. As long as this situation continues, you may see a bounce.
Meanwhile, ETH was trading at $1,815 at the time of writing. While the leading altcoin followed a horizontal course on a daily basis, it recorded a 2.5% increase on its weekly chart.
““A pullback on the SOL becomes a buying opportunity.”
Finally, DonAlt looks at leading altcoin rival Solana (SOL). The analyst says a buying opportunity could arise if SOL starts to consolidate after the recent rally. In this context, DonAlt shares the following assessment:
There really isn’t a good pullback level to buy Solana. I think it would be scary if it went back to $30. This is a retracement level, but it’s actually frighteningly close to where it’s completely invalidated. And it starts to look really bad. In this, if this consolidates, maybe you just buy the consolidation. It’s kind of like a retreat that I can see. Otherwise, if Bitcoin peaks, it will likely fall. If Bitcoin falls, this will likely continue.
Meanwhile, SOL is up more than 30% in the past week. At press time, the altcoin was trading at $39.06.
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