The cryptocurrency market is going through a very active period, and the Bitcoin (BTC) price has also had its share of these fluctuations. Although the recent rally is a hope for many investors, there are also market experts who are cautious about the rise. DonAlt, one of the leading analysts of the cryptocurrency market, offered a remarkable perspective on the future of Bitcoin.
DonAlt says Bitcoin (BTC) must close above a key price level to confirm the bullish trend thinks. This price level is set at $ 32,290. According to DonAlt, a weekly close for Bitcoin above this level would be a positive sign for the bulls. However, there is an important point to note at this stage.
DonAlt thinks the current position of Bitcoin (BTC) is quite dangerous. The reason is the concern that a weekly close below the key price area could indicate a major bull trap in the recent rally. This should attract the attention of investors and encourage them to be cautious.
“If this week goes well we’ll be back, I’ve been on the rise loudly and aggressively for the last few days, you could say it’s exposing the truth. Now that we’ve ascended, we actually need to continue descending. “I’m optimistic, but this is where things get more dangerous.”
DonAlt also shares the view that Bitcoin (BTC) could be in bull territory as long as it remains above $32,290. This can be considered a positive development for investors.
At press time, Bitcoin (BTC) is trading at $34,717.
Another important prediction from DonAlt is that Bitcoin could possibly gather more bullish momentum if retail investors start jumping on the Bitcoin ETF (Exchange-Traded Fund) bandwagon. Bitcoin ETFs can help cryptocurrencies attract more institutional and individual investors, which can have a positive impact on the price.
“The best part about all this is that we’re not even at the ETF excitement stage yet. We’re still in the ‘A few people know we’re going to buy an ETF and we’re trying to run ahead’ stage. “It will be a lot of fun once people fully understand the ETF thing.”
Last week, DonAlt predicted that Bitcoin (BTC) could rise to at least $60,000 if US regulators green light a spot-based Bitcoin ETF.
“I think $60,000 is a reasonable target if we buy the Bitcoin ETF. Obviously not in the short term, but I think that’s where this could go. “I think $60,000 to $100,000 is the upper limit.”
You can follow the current price movement here.