A popular crypto strategist has mapped out two potential scenarios he believes are the most likely paths for Bitcoin (BTC) in the coming weeks. Here are the details…
Cryptocurrency analyst expects bullish for Bitcoin
In a recent strategy session, analyst DonAlt said he thinks Bitcoin could gather bullish momentum in the short term before launching a strong rally in the coming months. Small candles on the chart may be in the opposite direction over the coming weeks. However, at some point, an uptrend may occur. The analyst calls this “my most likely scenario.” Here’s what DonAlt had to say:
There is a good chance that the small candles will be in the opposite direction for the next three, four, five weeks and then appear at some point. This is my most likely scenario.
It can also be seen at $ 18,000 in the short term
As Cryptokoin.com also reported, DonAlt came to the fore with its various predictions and gained a following. For example, he correctly predicted that BTC would hit $6,100 in 2020. Then, in the past years, he knew that at the beginning of January, Bitcoin would experience an increase of over 40 percent. He also accurately predicted that on February 12 of 2020, BTC hit a local top above $10,300. Currently, DonAlt is optimistic about BTC, but also considers the possibility of a short-term pullback to $18,000. Stating that such a decrease is possible, the analyst uses the following statements:
Obviously, it’s also possible to go back to this weekly support. I don’t think it will break in the second test. We tested it once. An excellent level of support. Even if we complete the comeback, I think it will hold the second test. But at this point, you have to start wondering if any bounce you get is anything to sell. Because this fall thesis looks bad. If the thesis happens, I think we’ll keep it at $18,000 to $19,000. If you are playing like a bull, you can gradually go to the resistance ($30,000). Going into liquidation through the resistance makes a lot of sense to me. These are the two most likely outcomes.
The latest situation in the BTC market
Bitcoin fell to a one-week low on Tuesday. It has been shaken amid tensions ahead of the upcoming US Federal Reserve (FED) rate hike and tougher regulatory scrutiny of the cryptocurrency industry. The biggest cryptocurrency fell as much as 5.4 percent on Tuesday. Currently, it is trading at $21,109.
The pullback has dashed hopes for a sustained Bitcoin rebound. It returned the coin to a trading range of roughly $19,000 to $22,000. Risk appetite has generally lagged before the expected 75bps Fed rate hike on Wednesday as part of a tightening cycle that has slashed liquidity.
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