Crypto analyst DonAlt, who predicted the Bitcoin bottom in 2022, believes Bitcoin is poised for a rally.
False Breakdown Catalyst
Despite Bitcoin’s recent dip below $60,000, DonAlt sees it as a bullish sign. He believes the false downside move could trigger a surge in BTC’s price.
Digesting the Rally
DonAlt notes that Bitcoin has rallied significantly in recent months and needs time to “digest” the move before reaching new highs. He expects the cryptocurrency to consolidate sideways for a period.
Best-Case Scenario
According to DonAlt, the best-case scenario for Bitcoin would be a false breakdown followed by a period of sideways trading. This would allow BTC to digest its gains and build momentum for a further rally.
Current Market Conditions
At the time of writing, Bitcoin is trading at $64,285. DonAlt believes that as long as BTC remains above $62,500 and does not fall below $61,000, the outlook remains positive.
