Bitcoin (BTC) is consolidating around $37,000 after its recent surge, and prominent crypto analyst and trader DonAlt suggests that the crypto king could soon rise to $60,000. DonAlt is closely followed for his highly accurate BTC predictions. Here is the analyst’s latest Bitcoin analysis.
“Supersonic Blast” Prediction for Bitcoin
Anonymous crypto analyst DonAlt stated on his personal Twitter account that BTC could experience strong rallies in the coming weeks. The analyst claimed that the chart for BTC appears ready for a supersonic blast and said:
I would love to be in a downtrend, but how can I say that with a chart that looks like it wants to make a supersonic blast? I’d rather risk a portion of my profits before selling something that looks like it wants to explode. We are at such a weird point in the market cycle that I wouldn’t be surprised if it’s trading at $60,000 within a month.
BTC is currently trading at $37,033 at the time of writing this article. A rise towards the target level anticipated by DonAlt would correspond to an approximately 60% increase in a short period of time.
Rise Supported by the Narrative of a Spot Bitcoin ETF
DonAlt mentioned that one of the tailwinds that could propel Bitcoin is the narrative surrounding the potential approval of a spot-based Bitcoin exchange-traded fund (ETF). However, he also cautioned informed investors that if a spot Bitcoin ETF is approved, they could use it as a selling opportunity and stated the following:
The spot Bitcoin ETF game has been one of the easiest trades in recent history. Bulls wouldn’t sell before the ETF and the block reward halving, and to be honest, not even most bears were dumb enough to sell at such an obvious catalyst.
Things will get harder after ETF approval. It might be a sell the news event, or it might not be. I don’t know either. Ironically, the longer it takes for this ETF decision to come, the higher the price will likely be because there is very little reason to sell until this approval happens.
The analyst also emphasized that the odds are not in favor of crypto bears expecting Bitcoin to revisit a new low, stating, “People are still talking about $12,000. The chance of BTC reaching $100,000 from here is higher than it going back to $12,000.”
