Crypto Analyst Shares Bullish Prediction for Bitcoin and Ethereum
DonAlt, a prominent cryptocurrency analyst, believes that both Bitcoin (BTC) and Ethereum (ETH) are set for major upward moves.
DonAlt, who predicted the current Bitcoin bottom, suggests that the strong recovery of both cryptocurrencies at the end of the previous week indicates that they are gearing up for significant rallies.
He states that BTC and ETH look poised for explosive growth. The analyst believes that once Bitcoin is above the resistance at $24,300, it will target the next resistance level at $32,200.
Selling into the 3rd test of $24k?
Nah thanks, I'd rather chance it pic.twitter.com/RHByZnZkgf
— DonAlt (@CryptoDonAlt) March 13, 2023
DonAlt believes that the current Bitcoin rally is evidence that the asset is fulfilling its true purpose: to provide a hedge against the banking system. In his opinion, BTC is meant to thrive during uncertain times.
Bitcoin was created in response to the collapse of the housing market and the US banking system in 2008. The government was forced to bail out several institutions that were “too big to fail.” As a result, many people lost faith in the banking system.
In recent times, there has been a significant collapse of several US banking institutions, including Silicon Valley Bank and Silvergate Bank. This has contributed to a rally in Bitcoin from a low of $19,736 to its current value of about $24,500, representing an impressive 24% rise.
READ MORE: Ripple CEO Reveals Impact of Silicon Valley Bank Closure on His Company
DonAlt also believes that Ethereum is looking bullish after rallying from a low of $1,379 to recover support at $1,600. The leading altcoin’s price movement is also exhibiting strong growth potential.
The analyst concludes that the current developments in Ethereum are “absolutely insane” and are indications of even more significant gains in the future.
This is absolutely insane pic.twitter.com/eDCscgQgBO
— DonAlt (@CryptoDonAlt) March 12, 2023
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
