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
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
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Subsidiaries Grayscale, Foundry, and Luno contribute to DCG first quarter revenue growth, despite challenges such…
The Binance financial penalty comes amidst a series of legal challenges for Binance, including a…
Bitcoin (BTC) has outperformed major tech stocks in the past decade, and this growth translates…
Allegations of DWF Labs market manipulation surface at Binance after the dismissal of an internal…
Bitcoin mining difficulty dropped by 5.63% to 83.15 T, marking the largest decrease since December…
George Town, Cayman Islands, May 8th, 2024, ChainwireAIGOLD is pleased to announce the launch of…
This website uses cookies.