A popular cryptocurrency analyst predicts that Bitcoin (BTC) will soon rise suddenly and cross an important level.
In a new strategy session, cryptocurrency strategist Don Alto tells his 56,800 YouTube subscribers that Bitcoin is about to break through the resistance level on the weekly chart and could surge more than 32% from its current value. he said.
However, analysts warn that if the breakout fails, Bitcoin could fall below the $40,000 mark.
“If this breaks out [of the $43,622 level] Trust until you fail in a weekly time frame. If this breaks out, I don't see any good reason to be bearish. That doesn't make sense. It's a strong chart with a clear direction, so you'll be betting higher.
And if it fails, it will probably fail spectacularly. If the breakout fails again like the ETF (Spot Bitcoin Exchange Traded Fund), I think it will fail spectacularly, so it will drop further. [to the mid $30,000s]. So I think if you start in the low $40,000s you're going to be invalidated and then you're going to lose a little bit of money, but you can buy it pretty cheap.
And if it breaks out, the more likely outcome is a rally to the next resistance, and I think the next resistance will be around $60,000, which would be very exciting. . ”
The analyst said that even if Bitcoin turns down, it is unlikely to fall below the $35,000 support level on the monthly chart.
“$35,000 worth of big support. $45,000 worth of big resistance a month. That's kind of the line we're going to go. And to be honest, it's likely to stay like this for a while.” I think…
But generally speaking, every month is bullish. If there is a pullback, it's a buy. The only level you can get back to is $35,000, which isn't that high. ”
At the time of writing, Bitcoin was trading at $45,310, up 2.5% in the past 24 hours.
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