A trader who lived through the 2023 crypto breakout believes Bitcoin (BTC) is now on the verge of soaring to $100,000.
In a new video update, pseudonymous analyst DonAlt tells his 62,400 YouTube subscribers that Bitcoin is about to end the multi-month consolidation phase that started in March.
But DonAlt warns that Bitcoin likely will witness a deep corrective move after a strong breakout.
“My base case is that we break out now and it’s going to come crashing down… We’re going to go to $80,000, $90,000, maybe $100,000 if this breaks out, and then we’re going to go back down. $60,000… And then make sure $60,000 is a base and do all that boring consolidation stuff.
But my base case is that we break out.”
The trader says he is not convinced Bitcoin will see a sustained uptrend after the initial breakout.
“I think there is a good chance that the outbreak will not really last now. I think we’ll consolidate about $60,000 and then we can leave it at the next attempt. It’s just about this attempt, I’m not entirely sure.’
But the trader notes that he may change his position depending on future market conditions.
‘But I can change my mind. If I’m bullish now and we go to $90,000 and I see bullishness everywhere, I might change my mind. I can say, “Hey, my idea of what we’re going to do when we get here is one that I don’t agree with anymore,” and I just change my mind and go with it.
At the time of writing, Bitcoin is trading at $67,554, down more than 2% in the past day.
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Generated image: Midjourney
