A trader who rode the 2023 crypto breakout believes Bitcoin (BTC) is now poised to soar to as high as $100,000.
In a new video update, pseudonymous analyst DonAlt tells his 62,400 YouTube subscribers that Bitcoin looks set to end its multi-month consolidation phase that started in March.
But DonAlt warns that Bitcoin will likely witness a deep corrective move after a strong breakout surge.
“My base case is right now we’re going to break out and it’s going to get smacked down… We’re going to go to $80,000, $90,000 maybe $100,000 if this breaks out, and then we’re going to go back down to $60,000… And then have $60,000 be a base and do all that boring consolidation stuff.
But my base case is we’re going to break out.”
The trader says he’s not convinced that Bitcoin will see a sustained uptrend after its initial breakout.
“I think there’s a good chance that the breakout doesn’t really stick now. I think we’re going to then consolidate around $60,000 and then it might stick on the next attempt. It’s just on this attempt, I’m not entirely sure.”
But the trader notes that he may shift his stance depending on future market conditions.
“But I can change my mind. If I’m bullish now and we go to $90,000 and then I just see bullishness everywhere, I can change my mind. I can be like, ‘Hey, my idea of what we’re going to do when we get here is just one I don’t agree with anymore,’ and I just change my mind and go with that.”
At time of writing, Bitcoin is trading for $67,554, down over 2% in the past day.
Generated Image: Midjourney
