Bitcoin Poised for Upside Breakout, Says Top Trader
A well-known trader, who accurately predicted the bottom of last year’s bear market, believes that Bitcoin (BTC) is on the verge of a major rally. According to the pseudonymous analyst DonAlt, BTC has a strong chance of breaking through the $28,000 resistance level and potentially soaring to $42,000.
In a YouTube strategy session, DonAlt explains his bullish outlook on Bitcoin. Despite recent “constructive” price action, many crypto traders remain bearish on BTC. DonAlt highlights the significance of the $28,000 level as a key resistance and expresses excitement about Bitcoin consolidating around this level for an extended period.
However, failure to break above $28,000 could result in a significant sell-off event with BTC potentially dropping to $23,000-$20,000. At present, Bitcoin is trading at $27,968.
Hot Take: Bitcoin Bulls Prepare for a Potential Breakout
Renowned trader DonAlt is optimistic about Bitcoin’s future as it approaches a crucial resistance level. Despite constructive price action, sentiment remains bearish among crypto traders. DonAlt believes that if Bitcoin can break above $28,000, it has the potential to make a significant upward move towards $42,000. However, failure to breach this resistance level may trigger a substantial sell-off event. Traders are eagerly watching as Bitcoin teeters on the edge of an inflection point that could determine its next major trend.
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