Trader who nailed crypto bottom says Bitcoin and Ethereum are poised for massive rally after strong weekly finish
The crypto analyst who hit the current Bitcoin (BTC) bottom believes the crypto king and Ethereum (ETH) are likely poised for more breakouts to the upside.
Pseudonymous analyst DonAlt tells his 466,800 Twitter followers that the strong recovery in both Bitcoin and Ethereum to close last week is likely a signal that the leading cryptoassets are gear up for large conventions.
According to DonAlt, BTC and ETH look “ready to gigamoon.”
Taking a closer look at Bitcoin, the crypto trader believes that BTC is poised to take out resistance at $24,300.
“Are you selling to the third $24,000 test? No thanks, I’d rather chance it.”
Based on DonAlt’s chart, Bitcoin’s next resistance is at $32,200 should it break above the $24,300 supply area.
The widely followed analyst too highlights that the current Bitcoin rally is a sign that BTC is serving its one true purpose.
“Bitcoin was born out of anger at the banking system. I’d like to see it thrive in uncertain times like this, proof that it’s capable of showing teeth. Inflation-proofing, recession-proofing are all memes. When banks steal your money, that’s BTC should shine.”
Bitcoin was created in 2008 after the collapse of the housing market and the US banking system forced the government to bail out “too big to fail” institutions.
In the past week, the US financial system witnessed the collapse of several banking institutions, including Silicon Valley Bank and Silvergate Bank. Bitcoin responded by rising from last week’s low of $19,736 to its current value of $24,130, an eye-popping 22% increase.
As for Ethereum, the crypto trader believes the leading smart contract looks bullish after rising from last week’s lows of $1,379 to recover support at $1,600.
“This is absolutely insane.”
At the time of writing, ETH is worth $1,679, an increase of over 5% in the last 24 hours.
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