A pseudonymous trader who rode the crypto rally earlier this year thinks Bitcoin’s price may rally to $60,000 quite soon. While DonAlt is uber-bullish on BTC, he warns that Bitcoin could tumble from $60K highs soon after.
BTC’s Journey To $60K
Independent market analyst DonAlt has predicted that Bitcoin could surge by over 46% from current levels based on historical price patterns.
But, he notes that the benchmark crypto could see a rapid bearish reversal shortly afterwards. “If you compare the consolidation that we had in 2018 and the bear market afterwards to this one [in 2021], they’re strikingly similar so far. You had a massive spike. You had one big down candle from the all-time high for both 2018 and 2021,” the trader said in a live stream on his TechnicalRoundup YouTube channel.
“You had two months of consolidation here [in 2018]. Three months of consolidation here [in 2021], and then another nuke. So it’s pretty similar. So you have the high. You have the consolidation. You have the low, you have the high, consolidation, low.”
DonAlt says that one tailwind that could send Bitcoin flying to the $60K threshold is the potential approval of a spot BTC exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission.
   Bitcoin ETF Approval To Be A “Sell The News” Event?
With a few weeks to go before the SEC decides on a couple of applications to form spot ETFs, analysts have been speculating on how approval of the long-awaited products would impact the crypto industry.
For DonAlt, approval of a spot ETF in January would be a “sell-the-news” moment as traders offload their positions. As such, he believes BTC would tank from $60,000 to $35,000 lows before later skyrocketing past $60K in a strong resurgence.
“I think ETF is going to be a sell-the-news event and the ETF is going to come in January. So if the FOMO (fear of missing out) people push it higher, this is the best resistance we’ve got, which would be $60,000. And it would make sense to have a couple of months to half a year, a little bit longer, of downside afterward. So that would basically imply $60,000 then $35,000. And then upwards.”
Bitcoin is presently changing hands for $42,015 after suffering its steepest daily pullback since August on Monday as cryptocurrency markets cool off.
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- Source: https://zycrypto.com/trader-who-accurately-called-2023-bitcoin-breakout-predicts-btc-moonshot-past-60000-price/
