In a recent update, renowned crypto analyst DonAlt shared his concerns about maintaining a fully bullish stance on Bitcoin (BTC). On the other hand, Dave the Wave shared his expectations for Bitcoin and altcoins. Here are the details…
DonAlt shared his Bitcoin prediction: It sold
DonAlt, who has a significant following of 507,100 on DonAlt believes BlackRock’s ETF application for Ethereum could drive inflows from Bitcoin, saying, “This steals the bid from BTC but turns ETH from one of the worst coins to buy back into a good bet.” said. The analyst, who recently took a long position in Bitcoin and closed some of it with a profit of approximately 40%, shifted some funds to Ethereum in anticipation of potential superior performance following the recent developments.
I sold most of the BTC I bought at $27,000 for $37,500. I took a much smaller ETH position, based on recent news I could see this performing slightly better even if BTC struggles.
There are also bullish predictions
In a related development, another prominent cryptocurrency trader, Dave the Wave, provided an opposing perspective. Dave the Wave, who has more than 140,000 followers on microblogging platform X, predicts a potential upside of over 95 percent for Bitcoin. It aims to reach its previous all-time high of around $69,000 per BTC. To support his analysis, Dave the Wave relies on the Logarithmic Growth Curve (LGC) indicator, which has historically been effective in identifying key highs and lows while reducing the impact of volatility. The analyst points to Bitcoin’s behavior against the LGC indicator, indicating a breakout from the upper limit, which is usually indicative of a sharp price increase.
Additionally, Dave the Wave draws parallels with Bitcoin’s historical performance leading up to the 2020 halving event, highlighting a significant increase in value during the previous “mini parabola run.” Bitcoin’s next halving is scheduled for April 2024, which has historically been considered a bullish event. Markus Thielen, director of research and strategy at Matrixport, also supports this perspective. Based on Bitcoin’s performance throughout the year, Matrixport’s analysts predict a 71% chance of a Santa Claus Rally for Bitcoin, with potential year-end rallies averaging +65%. Thielen suggests that Bitcoin’s trajectory this year could be a reliable indicator for its year-end position.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.