Analyst Calling 2023 Crypto Breakout Says Altcoin Poised for Massive Rally, Updates Outlook on Bitcoin and Ethereum
A cryptoanalyst who bought Bitcoin (BTC) around the low point last year expresses bullish sentiment on a top-20 altcoin by market cap.
Pseudonymous crypto trader DonAlt tells his 47,500 YouTube subscribers in a new video that he’s “very happy” that Litecoin (LTC) hit $200.
According to DonAlt, Litecoin is rising linearly on the “magnificent” weekly chart.
“[Litecoin/US dollar on the weekly timeframe] just looks good now. I don’t really care if it underperforms or outperforms Bitcoin anyway. This is just an amazing chart…
But basically this goes up linearly and I don’t really see a problem with this so far.”
For the Litecoin/Ethereum (LTC/ETH) pair, the pseudonymous crypto trader says he expects Litecoin to outperform Ethereum in the short term.
According to DonAlt, Litecoin may experience a massive rally against Ethereum, and after the rally stops, he will convert his LTC to ETH.
“I’m not really willing to rotate my Litecoin to ETH…
This is like going towards ETH and I think I can get more [Litecoin]. So basically this is what I want to see one more [parabolic] move from Litecoin to ETH and then I will rotate my Litecoin to ETH.”
Earlier this week, DonAlt told his 461,200 Twitter followers that if Litecoin closes above $100, it could rise up to $220.
“LTC
At resistance, but given how important this is, I’m honestly shocked at how weak this pullback has been.
Over $76 this looks excellent.
Below, it starts to look scary.
A close above $100 would open the door to $130/$220.”
As for Bitcoin, DonAlt says he’s targeting the flagship crypto asset to hit $32,000 to take profits.
“For me, $32,000 is what I’m aiming for. I’m not going to take a profit until $32,000 or until we start invalidating my thesis. And my task has been at the top since the bottom. It’s been right, I’m not going to like taking profits early, I’m just going to hang on.”
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