Bitcoin's value surpasses top banks with a surge tied to ETF rumors & hitting a new address milestone. Is a new bull run starting?
- An analyst who predicted the crypto bottom of Nov.2022 is returning in the Bitcoin market after a brief dip below $25,000.
- DonAlt outlines a trading strategy that targets profits above $30,000, while Noskov predicts BTC will exceed the psychological threshold but will unlikely sustain it.
The Next Bull Run for Bitcoin (BTC)—Crypto Experts Predict
Some Market experts are predicting the next bull run for Bitcoin, sharing bullish chart analysis demonstrating BTC’s past movements and future predictions.
An analyst who nailed the crypto bottom in November 2022 is re-entering the Bitcoin market. The decision comes after Bitcoin (BTC) dropped below the $25,000 support level this week.
But swiftly registered a healthy bounceback and is comfortably trading at $27,174 levels, with a market capitalization of over $516 billion.
The pseudonymous strategist, DonAlt, reveals the news to his 53,100 subscribers on the TechnicalRounup YouTube channel.
He admits that he had two choices before opening a new position on Bitcoin.
We’re at the point where you could make an argument for buying here (around $26,000). And you’re wrong you get stopped out, and you get to buy at $19,000. The problem with kind of not doing anything, and the reason why I took a trade—I bought like a little bit, not too much, but a little bit of Bitcoin—is basically because I’m just guessing that I will not get an entry otherwise.DonAlt told his subscribers.
Bitcoin Price May Rally to Reach $30,000
DonAlt clarifies that he has set a profit target in the double-digit percentage range for this trade idea.
He will exit the trade after it reaches the $30,000 level but will monitor the progress as things unfold.
At the time of writing, Bitcoin is trading at $27,174.
DonAlt justifies his action by saying that proper capitulation will allow his trade strategy to become invalidated at a five percent drop from the current price levels.
He admits that the trade strategy is either bullish or bearish, making it an exciting bid.
If his trade strategy fails, it will break down below $24,900, but he is hopeful that it’ll start to capitulate, and it would be proper capitulating.
With that said, the trade will go to $20,000 and have an invalidation at around $25,000.
Bitcoin (BTC) May Not Sustain Rally Above $30,000
Other analysts are also adding their predictions on Bitcoin. StormGain exchange’s crypto expert, Dmitry Noskov, offers reasons for Bitcoin’s (BTC) price decrease earlier this week.
Denoting that the Federal Reserve’s interest rate policy had a significant impact on the price of BTC, causing investors to convert money from crypto to USD.
He admits that the current market conditions can catapult Bitcoin’s price to exceed $30,000 at the end of the year.
Noskov, however, notes that as much as BTC will exceed the psychological threshold, it may be unlikely to sustain it.
Bitcoin has registered a five-month high regarding unique address activity, with about 1.1 billion BTC addresses actively sending and receiving coins.
Bitcoin gained a five percent price increase in recent weeks, leading to a significant uptick in profits, reaching high levels not experienced in the last two months.
The question remains whether Bitcoin will rally up to $30,000 by the end of the year, just like the above predictions depict.