Crypto Analyst Predicts $60,000 Price Target
Popular crypto analyst DonAlt believes Bitcoin (BTC) is poised for a significant move, either a breakout or a breakdown. In a recent strategy session, he shared his insights with his YouTube subscribers.
Breakout Scenario
DonAlt sees Bitcoin breaking out of a key resistance level on the weekly chart, potentially leading to a surge of over 32% from its current value. This would push the price of Bitcoin to around $60,000.
Breakdown Scenario
However, if the breakout fails, DonAlt warns that Bitcoin could experience a sharp decline, potentially dipping below the $40,000 range. He emphasizes that such a failure could result in a significant price drop, possibly reaching the mid-$30,000s.
Support and Resistance Levels
According to DonAlt, Bitcoin’s support level on the monthly chart is around $35,000, while the resistance level is around $45,000. He believes that Bitcoin will likely trade within these boundaries for some time.
Trading Strategy
DonAlt recommends buying Bitcoin during pullbacks, as he sees the overall trend as bullish. However, he cautions against buying if the price falls below the $35,000 support level.
Current Market Conditions
At the time of writing, Bitcoin is trading at $45,310, showing a 2.5% increase in the last 24 hours.
Disclaimer
DonAlt’s opinions are not intended as investment advice, and investors are advised to conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.
