A crypto analyst who correctly predicted that bitcoin would reach the bitcoin-rally/” rel=”nofollow”>heights you currently enjoy has once again given projections about bitcoin-boom-ahead-analyst-predicts-btc-will-soar-past-80000/” rel=”nofollow”>bitcoin's future trajectory. As part of his predictions, he highlighted the best and worst case scenarios for the flagship cryptocurrency in the future.
bitcoin could reach $60,000
in a live broadcast On his TechnicalRoundup YouTube channel, crypto analyst DonAlt noted that bitcoin could reach the $60,000 resistance level based on historical patterns. The analyst highlighted a bullish setup in the quarterly period, which occurred in both 2018 and 2021. He also mentioned that the current quarter is strikingly similar to those periods.
The analyst believes that the path towards $60,000 would be driven by the bitcoin Spot ETF rumors (as has been the case so far) before an approval possibly arrives in January. It's not all good news from the $60,000 price level, however, as DonAlt believes approval will be a bitcoin-etf-approval-sell-the-news-event/” rel=”nofollow”>'sell the news' event.
If that were the case, predict that bitcoin-price-35000-decoding-5-major-reasons/” rel=”nofollow”>bitcoin will fall to $35,000 before it trends upwards afterwards. He also provided a bearish side to the quarterly timeframe setup, as he suggested this is more likely to happen because it is more “precise.” For the bearish setup, project a close below the $35,000 resistance level.
He stated that this would suggest a bearish trend and that investors could expect lower prices as a result of this.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/Crypto-Analyst-Who-Predicted-Bitcoin-Bull-Run-in-2023-Launches" alt="Tradingview.com bitcoin Price Chart” width=”3266″ height=”1530″ loading=”lazy”/>
btc price looks to retest $43,000 | Source: BTCUSD On Tradingview.com
Why ETF Approval Will Be a “Selling the News” Event
DonAlt gave more details on his stance on a possible bitcoin Spot ETF approval in January being a “sell the news” event. He explained that the reason for this belief is that bitcoin has risen high (about 3x from the bottom) due to these rumors. As such, this would naturally suggest that it is already included in the price.
Furthermore, he noted that he would have had a different opinion if bitcoin, for example, had traded at around $25,000 and then approval had come. He believes it would have been an easy trade as the flagship cryptocurrency will undoubtedly fly high thanks to such a development.
Renowned economist Peter Schiff shares similar sentiments when he once pointed out how bitcoin has rallied significantly thanks to the ETF rumor. According to him, there will be no more “good news” that will cause a bitcoin rally once bitcoin-spot-etf-blackrock-sec/” rel=”nofollow”>Pending Spot bitcoin ETFs Approved.
However, the trading company QCP Capital recently highlighted What could prevent this from happening? The firm stated that a significant amount of inflows into these ETFs in the first few weeks of trading could prevent the classic sell-on-the-news event from occurring. If these funds see enough liquidity, they project that bitcoin could reach its all-time high (ATH) of $69,000.
Featured image of The Block, chart from Tradingview.com
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