Bitcoin (BTC) is on the verge of breaking through to new all-time highs, according to a veteran crypto trader known as DonAlt.
DonAlt, who has a large following on social media, believes that BTC is currently facing a key resistance level between $63,000 and $64,000. He says that once this level is cleared, the only thing standing in the way of new all-time highs is the $69,000 mark.
“The weekly chart is the only thing holding Bitcoin back from new highs,” DonAlt explained. “I’m ignoring it for now, even though it’s usually my favorite timeframe. I went bullish at $58,000 because I didn’t want to buy into this resistance. Fingers crossed, but if Bitcoin drops below $58,000, I’m out.”
With Bitcoin currently trading above $64,000, DonAlt advises traders to be cautious and nimble as price action could become more volatile.
Beyond Bitcoin
DonAlt also sees positive signs for the altcoin market, particularly for Solana (SOL). He believes that SOL is entering a bullish phase after successfully bouncing off a long-term support level.
“Solana, as the leading altcoin of this cycle, hugging support was a concern for my bullish outlook. This strength is reassuring. We just need to see continued strength next week, and it looks like the tide is turning.”
Solana is currently trading at $158.
Important Note: This information is for educational purposes only and should not be considered investment advice. Always do your own research before making any investment decisions.
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