Trader Who Accurately Predicted 2023 Crypto Rally Reveals Full-Bull Scenario for Bitcoin – But There’s a Big Catch
A closely followed analyst who caught this year’s crypto rally says he sees a scenario where Bitcoin (BTC) breaks out and rallies near its all-time high of around $69,000.
Pseudonymous analyst DonAlt tells his 476,800 Twitter followers that Bitcoin bulls have one resistance level to take out at around $33,000 to spark a full-fledged bull market.
However, the crypto trader does not see BTC taking a straight path towards the all-time high if Bitcoin moves above its immediate resistance. According to DonAlt, the breakout rally at $33,000 is likely to be followed by a quick corrective move.
“I think if it goes full bull it will look something like this… It will be a big nuke for me to get traded in, it always is”
Looking at the trader’s chart, it looks like the breakout rally could drive Bitcoin close to $50,000 before coming back down and finding support at $30,000.
Another crypto strategist Cred seems to have a similar forecast for Bitcoin. The pseudonymous cryptoanalyst says Bitcoin is unlikely to face any resistance until it reaches the $32,250 price level with the next area of concern around $35,000. Break these levels and Cred believes that Bitcoin could quickly rise to $40,000.
“Sellers have had difficulty selling this market below $30,000. Personally, I don’t see $30,000 as a major area of resistance. I think the low-mid $30,000 is the area that actually matters. Will look for rotations lower from there before the market teleports to $40,000 and liquidates me.”
At the time of writing, Bitcoin is trading at $30,494.
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