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At the start of 2023, an analyst renowned for his cryptocurrency rally predictions claimed that Bitcoin (BTC) was just one resistance level away from reaching $60,000.
Bitcoin’s Potential Rise Scenario
Crypto strategist DonAlt, in his statements on Youtube, pointed out that the price area between $44,000 and $45,000 is the only supply level preventing a significant rise in Bitcoin.
DonAlt outlined a scenario where Bitcoin first touches the support around $38,000, then breaks through $45,000 and climbs to $60,000, adding the following in his statements:
In terms of resistance, we are still struggling with $44,000 and are being rejected at this point. $44,000 to $45,000, that’s the midpoint of this range. If this is breached, the only thing really left will be the top of the range at $60,000, which is simple enough. Overall, I think it can rise, fall back, and then climb even higher.
Risky Formation in BTC
Furthermore, DonAlt mentioned that there are several bearish catalysts that could push BTC to lower levels following the approval of spot Bitcoin exchange-traded funds (ETFs). The analyst suggested that since these factors did not cause a crash in the price, the likelihood of BTC revisiting the support around $30,000 is now low, and he commented on the matter as follows:
Overall, the Grayscale Bitcoin Trust (GBTC) sale, ETF news being at the forefront, and profit-taking really did nothing… At this point, reaching $32,000 doesn’t seem very likely. It could go up to $35,000 or it may not even reach $35,000… But at the same time, you also have a breakout level that you can trade, which is above $44,000, because basically, we have a range here, quite narrow… If this is a bull market and we break out from here and start closing above the high range, you would expect it to continue. Where to? $60,000 seems like the best resistance we have.
