Early 2023 Crypto Rally Observer Forecasts Bitcoin Surge to $60,000 – With a Significant Twist

A renowned crypto analyst presents an optimistic forecast for Bitcoin (BTC), despite its current trading value being under $42,000. This bullish scenario highlights potential growth avenues for the leading cryptocurrency

In a recent analysis shared with over 55,300 subscribers on the TechnicalRoundup YouTube channel, the pseudonymous analyst DonAlt examines Bitcoin's (BTC) historical price trends. He suggests that BTC could potentially witness an increase of over 45% from its present value, based on these patterns. However, he cautions that a correction might follow this surge.

DonAlt draws parallels between the current market scenario in 2023 and past trends, particularly the 2018 and 2021 periods. He notes striking similarities in the price movements, including sharp initial drops, periods of consolidation, and subsequent declines. In his comparison, he highlights the rapid 2019 recovery as a contrast to the slower, more methodical upward movement seen in 2023, despite BTC currently trading above resistance levels.

An experienced trader presents a speculative scenario concerning Bitcoin (BTC) and the potential approval of spot market Bitcoin exchange-traded funds (ETFs) in January. According to this analysis, the market could witness a rally to the $60,000 level prior to the ETF approval, followed by a subsequent sell-off. After declining to $35,000, the trader envisions a substantial rally surpassing $60,000.

The trader suggests that if the ETF approval generates FOMO (fear of missing out) and drives BTC's price higher, it might encounter significant resistance around $60,000. This could lead to several months of consolidation or a slight downturn. As of the current moment, Bitcoin is valued at $41,290, displaying a minor increase in the past 24 hours.

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Dec 13, 2023