Bitcoin: Analyst Sets Sights on $90K Following ETF Approval
A market analyst, renowned for accurately predicting Bitcoin's bottom in 2022, is outlining a potential trajectory for BTC, setting a target of $90,000.
Envisioning a bullish scenario driven by the approval of ETFs for Bitcoin in the spot market, crypto expert DonAlt predicts a relentless climb to the $60,000 resistance level.
After reaching this milestone, DonAlt anticipates a swift and forceful correction. However, he views this correction as a prelude to a subsequent rally, projecting Bitcoin’s value to soar as high as $90,000.
DonAlt interprets the ETF approvals as a positive signal, suggesting that a $60,000 valuation could generate significant excitement among traders. Despite acknowledging this level as a historical resistance point, he cautions that an aggressive and rapid pullback is likely after such a surge.
In the alternate scenario of a direct ascent to $60,000, DonAlt identifies it as a robust resistance level. Any subsequent pullback, he asserts, should be seen as an opportune moment to buy, given the extensive testing at the $60,000 level. DonAlt envisions that, following the third test, the resistance is likely to give way, propelling Bitcoin to new highs of $70,000, $80,000, or potentially even $90,000.
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In a more pessimistic outlook, DonAlt contemplates the possibility of Bitcoin descending to a key support level of approximately $35,000 within the coming months.
With the ETF approval now a reality, DonAlt suggests that chart analysis can resume. Although currently on a break, he indicates a willingness to re-engage if Bitcoin either retests around $35,000 or $45,000 (following an upward movement) within the next three months. Nevertheless, a straightforward upward trajectory would prompt him to exercise patience before reentering the market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
