Market

Analyst DonAlt reveals the “mega moon” scenario for Bitcoin this year

A prominent strategist and trader has just unveiled a scenario where Bitcoin is picking up steam again, surging over 80% this year.

In one strategy session Newly, analyst DonAlt says Bitcoin is trading in a wide range on a weekly time frame of $33,000 to $60,000.

According to DonAlt, the current large range offers two solid entry points for BTC.

“There are two places you can trade in this case: One is at the bottom of the range ($33,000) as I did. Second, I’ll trade when it shows up to get $33,000 back… Mega Moon at $60,000.”

The price action from the bottom of the range at $33,000 to the top of $60,000 offers an 81.82% upside potential for BTC.

Although the strategist is optimistic about temporarily losing the $33,000 support, he has conviction to explain Why falling below this critical level is dangerous for BTC.

“Honestly, the last thing I would do is bid $28,000. It’s like making a failed $6,000 bid in 2018. Why should someone do this? If I lose the current range ($33,000-$60,000), I want to buy once the price returns to the bottom of the range or much lower.”

The source: DonAlt

During the 2018 bear market, Bitcoin broke the $6,000 support and lost almost 50% of its value in less than a month.

In the short-term, DonAlt forecasts Bitcoin to rally to $44,000 on this initial rally.

“The daily chart is pretty wild. Twitter pundits are expected to return to the upside somewhere between the next two resistance levels. I hope to get that far.”

The source: DonAlt

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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