It seems that the optimistic predictions about the price of Bitcoin continue to flow. Check out the latest one below.
New BTC prediction is out
According to DonAlt, a pseudonymous analyst who profited from the crypto rally earlier this year, Bitcoin (BTC) is looking very bullish as it finds acceptance above $34,000.
The leading digital asset is currently trading in a wide range between $32,000 and $60,000, and the fact that it’s trading well above the range low of $32,000 indicates that BTC bulls are in full control.
DonAlt shared his analysis with his 507,900 followers on the social media platform X.
“Firm acceptance above range low. Doesn’t get much better than that.
As long as $32,200 holds, I don’t see why anyone could be anything but giga bullish. If we should lose the range low, we can start talking about being bearish.”
According to the top trader, Bitcoin is expected to face no high time frame resistance until it reaches $60,000.
As of now, BTC is trading at $34,957. In contrast, when it comes to the smart contract platform Ethereum (ETH), the trader believes that it will likely continue to underperform Bitcoin.
The trader has shared a chart that shows the ETH/BTC ratio is currently in a sustained downtrend.
DonAlt has stated that he may reconsider his bearish stance on ETH/BTC if the pair manages to recover a key price area.
“I get worried if it goes above 0.06 BTC ($2,096) not every day that it moves 1%.”
At time of writing, ETH/BTC is trading at 0.0542 BTC ($1,894), down about 25% since the start of the year when it traded at 0.0723 BTC ($2,526).
It has been just revealed that the founders of Glassnode have set a potential trajectory for the price of Bitcoin.
The co-founders at Glassnode are excited about Bitcoin’s recent performance. They say that BTC has passed multiple crucial resistance levels and is now gaining momentum.
