A crypto trader who accurately called Bitcoin’s 2022 market bottom is laying out a roadmap for BTC to reach a price tag of $90,000.
In a new strategy session, top crypto analyst DonAlt tells his 56,400 YouTube subscribers that in a bullish scenario following the approval of spot market Bitcoin exchange-traded funds (ETFs), BTC will not look back and go straight toward resistance at $60,000.
DonAlt says BTC will likely witness a corrective move after hitting $60,000 and notes that the correction will likely be quick and aggressive. Following the pullback, DonAlt predicts a subsequent rally that will push BTC to as high as $90,000.
“The positive interpretation [of the BTC ETF approvals]: we go to $60,000. I think in general that would get a bunch of people very hyped up. It’s an old resistance level that’s been tested twice before.
So I could see a lot of people be in the camp that, ‘Hey, we tested this a bunch of times before, we’re going to break out,’ and disrespect it and go into it with leverage… Bitcoin would be at that point quite far extended. So I could see that be a nice pullback area.
If you go straight up, I think $60,000 would be a really good resistance… I think that pullback would be quite aggressive, quite quick and one that you absolutely should be buying…
If we hit $60,000, any pullback that you get should be a buy because at that point, we have tested $60,000 three times. I think then on the next test it wouldn’t hold and then you would go to $70,000, $80,000 [or] $90,000.”
In a bearish scenario, DonAlt sees Bitcoin plunging to its high time frame support at around $35,000 in the coming months.
“Now that the ETF is through, we can finally start considering levels on the chart again. I’m still on break but if we either retest ~$35,000 or $45,000 (after a move-up) in the next three months, I could be convinced to get active again. Straight up and I’d have to wait a bit longer.”
Source: DonAlt/X
At time of writing, Bitcoin is worth $42,601.
Generated Image: Midjourney
