A top analyst who accurately called Bitcoin’s (BTC) 2022 price floor is laying out a price path for the crypto king to hit a new all-time high of $110,000.
In a new strategy session, pseudonymous analyst DonAlt tells his 55,400 YouTube subscribers that he sees Bitcoin igniting a parabolic ascent after its halving next year.
The halving, which slashes BTC miners’ rewards in half, is slated for April 2024.
Although DonAlt is long-term bullish on Bitcoin, he sees the top crypto by market cap retesting its support around $32,000 by April next year before meteorically rising toward his bull market target.
“Maybe we do something like this before we go lower again – like $90,000, $100,000 [or] $110,000 toward 2026 or 2025 wouldn’t surprise me but it’s what I think you could be looking at on the Bitcoin front.”
In the short term, DonAlt warns that Bitcoin may be on the verge of printing an intermediate top as market participants eagerly await the potential approval of spot market Bitcoin exchange-traded funds (ETFs). According to the analyst, the approval of spot-based BTC ETFs will likely not be a bullish catalyst for Bitcoin.
“It’s getting more and more risky. The longer you stick around, the worse it gets in my opinion. The monthly [chart] is still looking okay. The only thing that you need is this area [$32,000] to hold. If this area [$32,000] doesn’t hold, that’s where you flip bearish. It’s pretty much the high time frame signal that we had here at $60,000.”
Last month, Bloomberg analyst James Seyffart said that the U.S. Securities and Exchange Commission (SEC) is possibly gearing up to approve multiple spot Bitcoin ETF applications in January.
I
Generated Image: StableDiffusion
Credit: Source link
