A widely followed crypto analyst believes Bitcoin (BTC) still remains on track to hit new all-time highs (ATHs) after a correction earlier this week.
In a new strategy session on the TechnicalRoundup YouTube channel, pseudonymous crypto analyst DonAlt says that he remains bullish on Bitcoin after it dipped into the $69,000 range.
“So weekly good. And the daily is also excellent. We are at resistance, and that’s kind of what we’re battling with but it’s been a resistance that’s been tested a bunch of times — this is the sixth time. That’s a lot. That’s not something I would necessarily want to fade….
I’m going to assume it’s a real all-time high breakout that is coming. Right now I’m team breakout.”
Source: DonAlt/YouTube
However, the analyst warns that next week’s US presidential election could create market volatility in the short-term.
He says some investors are front-running Bitcoin on the belief that Republican Donald Trump will win. Trump is seen as more pro-crypto than his Democratic challenger Kamala Harris.
“The only problem that we have that makes this a little bit of a risky trade, in my opinion, is that the US elections are coming. And the bet on Bitcoin has kind of been a bet on Trump before the elections.
Right now, Bitcoin is pricing in a Trump win. That’s kind of what this recent price action has been, and what we’re going to get going into the election. People are thinking Trump is going to win, especially crypto people… If Trump loses, I think there’s a good chance that it goes short-term lower.”
The analyst believes that in the long-term whoever is elected will not play a significant factor in Bitcoin’s price.
“Generally speaking, whether Harris or Trump wins, I don’t think has much of an impact on where this is going to go… like the price whether Trump or Harris wins in a year would be roughly the same.”
Bitcoin is trading for $69,941 at time of writing, down 3.3% in the last 24 hours.
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