A Top Analyst Predicts Bitcoin Could Reach $110,000
A top analyst who accurately predicted Bitcoin’s price floor in 2022 has now outlined a roadmap for the cryptocurrency’s surge to a new all-time high of $110,000. In a recent strategy session, the analyst known as DonAlt shared his insights with his YouTube subscribers. He believes that Bitcoin will experience a parabolic ascent after its halving in April 2024. However, DonAlt also expects Bitcoin to retest its support level around $32,000 by April next year before embarking on its bullish journey.
Short-Term Concerns for Bitcoin
In the short term, DonAlt warns that Bitcoin might be approaching an intermediate top. This is due to market participants eagerly awaiting the potential approval of spot market Bitcoin exchange-traded funds (ETFs). Surprisingly, DonAlt believes that the approval of spot-based BTC ETFs will not act as a bullish catalyst for Bitcoin. He emphasizes the importance of the $32,000 support level and states that a breakdown below this level would signal a bearish trend.
Spot Bitcoin ETF Approval Expected in January
According to Bloomberg analyst James Seyffart, there are indications that the U.S. Securities and Exchange Commission (SEC) could approve multiple spot Bitcoin ETF applications in January. This news has attracted significant attention from crypto investors who are eagerly waiting for regulatory clarity.
Hot Take: Bitcoin’s Path to New Heights
DonAlt’s roadmap for Bitcoin’s surge to $110,000 provides hope for crypto enthusiasts. While short-term concerns persist, the analyst’s long-term outlook remains optimistic. The upcoming halving and potential spot Bitcoin ETF approval could play crucial roles in determining Bitcoin’s future trajectory. As always, it’s important to stay informed and monitor the market closely as these events unfold.
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