A trader who caught the crypto breakout earlier this year says two well-known stories could spell the end for Bitcoin (BTC) bears.
In a new strategy session, analyst DonAlt tells his 53,500 YouTube subscribers that the potential adoption of a spot-based Bitcoin exchange-traded fund, along with the upcoming BTC halving, could take the entire crypto markets “pretty high.”
The Bitcoin halving, which will see BTC miners’ rewards halved, is scheduled for April 2024.
According to DonAlt, the two stories are likely to put more weight on the price action once BTC gains bullish momentum.
“The whole reason why I expect a Bitcoin pump is because of the confluence of one, a Bitcoin ETF coming, which I think most people now agree is coming pretty soon, and two, the halving. I mean, the halving is a meme in my opinion, but it’s a nice linked story…
I think if the market does something nice, if the market behaves at least a little optimistically, that story – that one-two punch – could do quite a bit of damage to the bears and really catch the market off guard overall. high.”
Looking at the long-term picture, DonAlt says he still believes BTC will hit a new all-time high on its way to $100,000.
“My whole thesis…$16,000 towards about $40,000 and then towards $100,000. That was the trading idea when I took it [the trade] for $16,000…
Now I’ve repurchased $28,000, ready to move from $40,000 to $45,000. The same idea still applies: the idea of a high time frame. And I still don’t think we’ll get below $16,000.
My grand plan invalidation would still be a sub-$20,000 breakdown of my general idea of where this market is going. I’m a little more aggressive because I want to be in a position if this happens because my whole thesis for the market is one that I think is likely to rise over the next twelve months.
At the time of writing, Bitcoin is trading at $26,869.
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Generated image: Midjourney
