A Crypto Analyst Expects Bitcoin to Break Out and Reach $60,000
A well-known crypto analyst believes that Bitcoin (BTC) is on the brink of a significant upward move that could see it surpass a crucial level. In a recent strategy session, crypto strategist DonAlt revealed to his 56,800 YouTube subscribers that Bitcoin is poised to break out of a resistance level on its weekly chart. He predicts that if the breakout succeeds, Bitcoin could surge by over 32% from its current value. However, DonAlt also warns that if the breakout fails, Bitcoin may drop below the $40,000 range.
Potential Scenarios
If the breakout occurs, DonAlt believes that Bitcoin will continue its upward trajectory towards the next resistance level at around $60,000. On the other hand, if the breakout fails like it did with the ETF (spot Bitcoin exchange-traded fund), he anticipates a significant decline to the mid $30,000s. Nevertheless, he asserts that even in a bearish scenario, Bitcoin is unlikely to dip below the support level of $35,000 on its monthly chart.
Current Price Movement
As of now, Bitcoin is trading at $45,310 with a 2.5% increase in the past 24 hours.
Hot Take: Analyst’s Bullish View on Bitcoin’s Potential
Crypto analyst DonAlt expects Bitcoin to break out of its resistance level and potentially reach $60,000. However, he warns that if the breakout fails, there could be a sharp decline. Despite this risk, he believes that even in a bearish scenario, Bitcoin will likely remain above the support level of $35,000. With ongoing market volatility and various factors influencing price movements in the cryptocurrency space, it remains to be seen whether Bitcoin will achieve the analyst’s predicted breakout or experience a significant decline.
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