A dealer who caught the crypto breakout earlier this 12 months says two well-known narratives might spell the top for Bitcoin (BTC) bears.
In a brand new technique session, analyst DonAlt tells his 53,500 YouTube subscribers that the potential approval of a spot-based Bitcoin exchange-traded fund together with BTC’s upcoming halving might take the complete crypto markets “fairly excessive.”
The Bitcoin halving, which slashes BTC miners’ rewards in half, is slated for April 2024.
Based on DonAlt, the 2 narratives will doubtless have extra weight on worth motion as soon as BTC gathers bullish momentum.
“Your complete motive why I’m anticipating a Bitcoin pump is due to the confluence between one: a Bitcoin ETF coming, which I feel most individuals now agree that it’s coming fairly quickly, and two, the halving. I imply the halving is a meme for my part, but it surely’s a pleasant coupled narrative…
I feel if the market does one thing good, if the market behaves at the very least a little bit bit on the bullish aspect of issues, that narrative – that one-two punch – can do fairly a bit of injury to bears and usually take the market fairly excessive.”
Trying on the long-term image, DonAlt says he nonetheless believes BTC will attain a brand new all-time excessive en path to $100,000.
“My complete thesis… $16,000 in the direction of like $40,000 after which in the direction of $100,000. That was the commerce concept after I took [the trade] at $16,000…
Now I rebought $28,000 prepared for the transfer to $40,000 to $45,000. The identical concept nonetheless applies – the excessive timeframe concept. And I nonetheless don’t suppose we’re going to go under $16,000.
My grand scheme invalidation would nonetheless be a breakdown under $20,000 of my basic concept of the place this market goes to go. I’m a little bit extra aggressive as a result of I do need to have a place if this goes as a result of my complete thesis for the market is one which I feel the place it’s truly more likely to go up over the following 12 months or so.”
At time of writing, Bitcoin is buying and selling for $26,869.
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