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.
If you compare the consolidation that we had in 2018 and the bear market afterward 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. 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.And then this ran up [in 2023] similar to how it did in 2019. But much slower. 2019 was straight up. It just smashed through resistance and here [in 2023] we haven’t so far but we’re trading above it.
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.