Earlier this year, an analyst who caught the upward momentum in the cryptocurrency markets revealed that two well-known scenarios could put an end to the bearish trend of Bitcoin (BTC). Here are the details!
Analyst’s Expectation for Market Rise!
In a new strategy session, crypto analyst DonAlt suggested to his followers on YouTube that the potential approval of a Bitcoin exchange-traded fund (ETF) and the upcoming halving of BTC could significantly elevate the entire crypto market.
The Bitcoin halving, which halves the rewards for BTC miners, is scheduled to take place in April 2024. According to DonAlt, when Bitcoin gains momentum, these two narratives will likely have a greater impact on the price movement. The senior analyst stated:
The reason I expect a rise in Bitcoin is that it’s a combination of these two. The arrival of a Bitcoin ETF, which I think most people now accept is coming soon, and secondly, the halving. I mean, the halving is a nicely bundled narrative… I think if the market does something nice, even if it’s just a little bit in the bullish direction, this narrative can do a lot of damage to the bears and have a generally negative impact on the market.
A $100,000 Target for BTC!
Looking at the long-term picture, DonAlt emphasized that he still believes BTC will reach its all-time high of $100,000, stating:
My entire thesis… from $16,000 to $40,000 and then to $100,000. When I bought at $16,000, that was the idea of the trade… Now, I’m ready to go from $40,000 to $45,000, I bought back at $28,000. The same idea still holds, the high timeframe idea. And I still don’t think we’re going below $16,000. The invalidation of the big plan will still have a dump below $20,000 as my general idea of where this market is going. I’m a bit more aggressive because if this continues, I want to have a position because my entire thesis about the market is that it will really rise within the next 12 months.
