Bitcoin, known for its accurate predictions in the early 2023 cryptocurrency rally, is now being projected by a trader for a potential surge to $60,000. Operating under the pseudonym DonAlt, this highly regarded analyst shared his optimistic outlook with the 55,300 subscribers of the TechnicalRoundup YouTube channel.
According to DonAlt, Bitcoin, currently trading below $42,000, could experience a significant uptrend exceeding 45% based on historical price patterns.Nevertheless, he cautions that Bitcoin (BTC) might undergo a correction shortly thereafter.
Bitcoin Envisions $60,000 Surge On ETF Speculation
The trader speculates that the potential approval of spot market Bitcoin exchange-traded funds (ETFs) in January could trigger a surge to the $60,000 level, followed by a subsequent sell-off. After experiencing a dip to $35,000, the trader envisions a substantial rally propelling Bitcoin beyond the $60,000 mark.
In explaining the bullish scenario, the trader suggests considering the remaining 20 days in the current quarterly period, emphasizing the prospect of a repeat of past patterns if Bitcoin approaches resistance at $60,000.
The trader anticipates that the approval of the ETF, slated for January, might be a “sell-the-news” event. If FOMO (fear of missing out) drives the price higher, the trader identifies $60,000 as a significant resistance level. Following this potential peak, the trader envisions a period of downside lasting several months to half a year. As of the current writing, Bitcoin is valued at $41,290, exhibiting a slight increase in the last 24 hours.