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Bitcoin (BTC), known for its accurate predictions of hitting bottom levels in 2022, has a new forecast from crypto analyst DonAlt. The analyst believes BTC, after mostly declining last month, is set to shine in the best-case scenario.
Upward Explosion on the Table
Experienced crypto analyst DonAlt, in his latest strategy session on YouTube, told his subscribers that Bitcoin looked strong earlier this month after dropping below the $60,000 level, but regained a key level a few days later. According to the analyst, this misleading downward movement could be a catalyst that triggers an upward explosion for BTC.
While commenting on Bitcoin’s current outlook, the analyst said, “This is a chad look. I love these types of appearances. I usually make some money when I see the daily timeframe in decline, but the weekly and monthly timeframes are on the rise.”
Currently, No Record-Breaking Movement Expected in Bitcoin
While shifting to a bullish stance on Bitcoin, DonAlt does not expect the largest cryptocurrency to attack all-time highs just yet. The senior analyst highlights that Bitcoin surged over 170% from October to March, and believes it needs more time to “digest” this movement before moving to higher levels.
The analyst made this assessment saying, “This was something you pointed out a few weeks ago. The longer Bitcoin moves sideways, the better for the bulls because we are essentially digesting the movement we have. It was really an aggressive move. Usually, such movements need to disrupt and be digested by the entire market, but if there is enough prolonged sideways movement, digestion can be completed. A fake breakout afterwards would be the best-case scenario, I think. Generally, as long as it stays above $62,500 and doesn’t drop below $61,000, I think it looks really good.”
According to data provided by CoinMarketCap, BTC has risen 1.50% in the last 24 hours, trading at $64,187. Current price levels indicate a positive outlook as they are above the thresholds indicated by the analyst.
