A top cryptocurrency analyst and trader says Bitcoin (BTC) may be gearing up for a massive breakout as it chops around the $96,000 level.
The analyst pseudonymously known as DonAlt tells the 65,700 subscribers of the Technical Roundup YouTube channel that Bitcoin’s market structure is showing continual improvement on the daily chart, indicating it may be on the verge of making an explosive move.
“I think it’s getting more and more tight and a breakout is more and more likely with every day that passes, especially with the headlines that we’ve been having…
I think we’re going to go a little bit higher than where we are right now…
Just generally, just look at the bodies of these candles. It’s so odd, like no body at all, and then they’re getting bigger and bigger and bigger. It’s going to lead to a breakout soonish.”
Source: DonAlt/YouTube
However, he warns that if Bitcoin’s uptrend is invalidated it could revisit the $40,000, or even $30,000, range.
“If we break down max down is like $40,000ish. I don’t think it would go lower than $40,000. But $40,000 I think is possible, like $30,000-$40,000 wouldn’t be crazy to me. Even if we go low $30,000 that’s a 72% pullback.”
Source: DonAlt/YouTube
Bitcoin is trading for $96,485 at time of writing, down 1.4% in the last 24 hours.
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Generated Image: Midjourney
