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According to experienced cryptocurrency analyst DonAlt, Bitcoin (BTC) is just one critical level away from reaching its all-time high. The analyst also commented on the latest situation regarding Solana (SOL), one of the leading members of the altcoin market.
Key Threshold for Bitcoin’s Uptrend: $58,000
DonAlt shared his views on his personal account on the social media platform X, emphasizing that Bitcoin is currently hovering in a significant supply zone between $63,000 and $64,000. He pointed out that the last major resistance standing in front of Bitcoin is $69,000, and surpassing this level could pave the way for unprecedented price levels.
The analyst highlighted the importance of the weekly chart, a timeframe he usually prioritizes, in determining the market’s direction. Accordingly, as Bitcoin approaches the $58,000 level, he prefers to adopt a more bullish stance, ignoring the price chart in this timeframe, stating, “I think the only obstacle standing in the way of reaching the all-time high is this threshold on the weekly chart. Although it is usually my favorite timeframe, I decided to ignore it.”
DonAlt also announced that he decided to go bullish after surpassing $58,000, adding that if the largest cryptocurrency had encountered this resistance at a higher price point, he would hesitate to open new long positions. The analyst’s strategy is currently to stay in position as long as Bitcoin remains above $58,000 and to exit the position if it falls below this level.
At the time of writing, Bitcoin is trading around the $64,000 threshold. Despite the upward momentum, DonAlt warned investors to be prepared for sharp price movements as price actions in this critical region could become increasingly volatile.
Solana and the Altcoin Market
DonAlt also shared his views on Solana, an Ethereum competitor showing signs of entering an uptrend in the altcoin market. Solana recently bounced off a long-term support level, and the analyst pointed to this as a positive signal for the broader altcoin market.
The analyst expressed relief at Solana’s strength at this critical point, often considered the market leader among altcoins, stating, “One of the things that worried me about whether my bullish thesis was correct was SOL embracing support as the leader of the altcoin market in this cycle. This strength makes me less worried.” DonAlt maintained his cautious optimism, noting that Solana needs to continue showing strength in the coming week to confirm the market’s uptrend.
At the time of writing, SOL is trading at $158, reflecting its potential and strength to lead the altcoin market in the current cycle.
