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.
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AAPLRisky 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.
