Bitcoin Analyst Predicts Massive Breakout: Is $100,000 Next?
A well-known cryptocurrency analyst and trader, DonAlt, has recently shared his insights on Bitcoin’s current market situation. With Bitcoin hovering around the $96,000 level, DonAlt believes that the leading cryptocurrency may be gearing up for a significant breakout in the near future.
In a recent video posted on the Technical Roundup YouTube channel, DonAlt discussed the improving market structure of Bitcoin on the daily chart. He pointed out that the candles on the chart are showing a pattern of increasing size, which typically precedes a breakout.
“I think it’s getting more and more tight and a breakout is more and more likely with every day that passes, especially with the headlines that we’ve been having… I think we’re going to go a little bit higher than where we are right now. Just generally, just look at the bodies of these candles. It’s so odd, like no body at all, and then they’re getting bigger and bigger and bigger. It’s going to lead to a breakout soonish,” DonAlt explained.
While DonAlt is optimistic about Bitcoin’s potential for a breakout, he also cautioned that if the current uptrend is invalidated, Bitcoin could retrace to as low as $40,000 or even $30,000.
“If we break down max down is like $40,000ish. I don’t think it would go lower than $40,000. But $40,000 I think is possible, like $30,000-$40,000 wouldn’t be crazy to me. Even if we go low $30,000 that’s a 72% pullback,” he warned.
At the time of writing, Bitcoin is trading at $96,485, down 1.4% in the last 24 hours. With the potential for a breakout looming, many investors and traders are eagerly watching to see if Bitcoin can surpass the $100,000 mark in the coming days.
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