DonAlt, who has come to the fore with his predictions that he knows right in the past, stated that he expects a rise in Bitcoin (BTC). On the other hand, he also predicted a price increase for the leading altcoin Ethereum (ETH). Here are the details…
DonAlt closely watches leading altcoin ETH
Analyst DonAlt said that he is watching closely how Ethereum reacts at the $1,700 level. According to the analyst, Ethereum will break the $1,700 resistance on its way to its $2,500 target. According to the analyst, right now, we have basically reversed the entire crash. DonAlt uses the following expressions:
We basically undo the entire crash. So for me this is a setup that has basically been converted to a similar resistor, but has been tested before, or even very, very recently. I don’t think $1,700 [as resistance] will do much. I could be completely wrong… But it seems to me that ETH just wants to teleport… I expect upward movement, although there is resistance.
Apart from that, the analyst points out that ETH has been in a vicious downward trend since December of 2021. He says that after this vicious cycle, it has been bullish on wider time frames. The analyst points out that when looking at the monthly candles, the landscape is “wonderfully shaped”. He states that the monthly candle in July is “great” and the one in August “makes people crazy”. He points to a narrative shift while stating he hasn’t seen anything like this for ETH in a while. With this change, he says, Ethereum is “starting to look good” again.
What’s next for Bitcoin?
As for Bitcoin, DonAlt points to resistance around $21,000. He says that if this resistance turns into support, BTC will see a “really fast” rise. The analyst points out that there is an acceleration in the current situation. He emphasizes that there are no stock market movements behind this acceleration. Over the past 24 hours, Bitcoin is up 7 percent while the S&P 500 is up 0.4 percent. The analyst uses the following statements:
S&P has been on the rise for the past few days. Bitcoin has basically suffered a breakout. It retracted alongside the S&P 500, but has so far gained more value than the S&P. So it’s not too bad right now. If we start to retrace above $22,300 or that zone… If we get this level back, BTC starts to look really good. Until that happens, there’s no reason to be overly excited, but I don’t really care about graphics right now.
DonAlt’s previous predictions
As Cryptokoin.com has previously reported, DonAlt has known some of the movements of cryptocurrencies in the past years. DonAlt correctly predicted that on March 28, 2020, Bitcoin would visit the $6,100 level. Apart from that, he accurately reported the $10,300 rally in BTC in February 2020, and a 44 percent rally in January. Therefore, he gained a large following.
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