Analyst Anticipates Bitcoin Rally and New Yearly High
An analyst, known as DonAlt, who accurately predicted the crypto rally earlier this year, believes that Bitcoin (BTC) has the potential to experience a significant surge and reach a new high for 2023. DonAlt suggests that if Bitcoin breaks through its current resistance level, it could potentially reach around $36,000. However, he acknowledges that sentiment can shift in either direction and there are also reasons for Bitcoin to decline. In the worst-case scenario, DonAlt would take a small loss but would then look to buy back at a lower price between $19,000 and $20,000.
Positive Price Action for Bitcoin
DonAlt also shares his optimism about Bitcoin’s recent price action after months of downward trends. He believes that constructive price action has finally emerged but emphasizes the need for an upward movement soon; otherwise, he may reduce his risk exposure again.
Current Bitcoin Price
As of now, Bitcoin is trading at $26,519.
Hot Take: Analyst Foresees Potential Upside for Bitcoin
DonAlt, a prominent analyst, who accurately predicted the previous crypto rally, is optimistic about Bitcoin’s future. He suggests that Bitcoin could experience a significant surge and potentially reach a new high for 2023. However, he acknowledges the possibility of sentiment shifting in either direction. DonAlt also emphasizes the importance of positive price action and an upward movement for Bitcoin in the near future. At present, Bitcoin is trading at $26,519.
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