Bitcoin (BTC) Predicted To Gain More Upside After 38% Increase This Month

Key Points:

• BTC might witness an infusion of new cash from high timeframe (HTF) investors at the end of this month.
• If BTC ends the month on a positive tone, its initial high timeframe resistances are around $35,000, followed by $58,800.

Despite the king cryptocurrency’s over 38% year-to-date increase, the prominent analyst who accurately predicted its rally this month believes Bitcoin BTC still has more upside potential.

According to DonAlt, a pseudonymous expert, BTC might witness an infusion of new cash from high timeframe (HTF) investors at the end of this month.

The best part about this rally is that the HTFs are still bearish. Once this monthly closes, the monthly will finally flip bullish. So technically, the HTF guys should start arriving in two weeks, and all we got so far is just front running, and the real move is yet to come.

A monthly closing over $20,000 on the trader’s chart is a high period positive for Bitcoin. If BTC ends the month on a positive tone, DonAlt’s initial high timeframe resistances are around $35,000, followed by $58,800.

At the time of writing, BTC is trading at $22,975, seeing an increase of nearly 9% over the last 7 days.

DonAlt believes that Bitcoin will continue to rise until bears cease shorting it, saying that this rally is basically sidelined capital pain fueled by bears retard shorting sub $20k. That narrative doesn’t really allow for pullbacks until we’re getting close to the top.

So uponly until bears/sidelinooors buy then downonly for a while is my best guess

The crypto expert also notes that Bitcoin’s recent rise above $20,000 resembles BTC’s peak at $69,000. DonAlt claims that Bitcoin printed bogus breakout setups in both cases.

Coincu previously reported on January 23 that after hitting its highest level above $23,000 since August over the weekend, Bitcoin was essentially unchanged on Monday. Even if the most recent surge has outperformed conventional equities, some people are unsure of how long the rally will last.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Thana

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