- Don Alt predicts Bitcoin price to rally to $60,000 in the coming weeks, emphasizing an optimistic chart setup.
- He cautions that if an ETF is approved, it might lead to a sell-the-news event, and astute traders could leverage the opportunity to secure profits.
The Bitcoin price showed good momentum last week shooting past $37,000 after a brief period of consolidation. Analysts have already started giving a much higher price target for BTC, beyond $40,000.
The pseudonymous analyst DonAlt suggests to his 507,100 followers on the social media platform X that the BTC price might experience a rally to $60,000 in the upcoming weeks.
The analyst expresses optimism about BTC’s potential, stating that the chart appears poised for a significant upward movement. Despite the desire to be cautious, the analyst finds it challenging to adopt a bearish stance given the bullish chart. Referring to the current market cycle, there is a suggestion that BTC could reach $60,000 within the next month, highlighting the uncertainty and potential for rapid price acceleration.
As of the current moment, Bitcoin is priced at $37,033. If it surges towards DonAlt’s target, it implies potential gains of approximately 60% within a relatively brief timeframe. DonAlt highlights the positive momentum that could propel Bitcoin, particularly fueled by the excitement surrounding the potential approval of a spot-based Bitcoin exchange-traded fund (ETF). However, he cautions that if a BTC ETF is approved, astute traders might capitalize on the event to secure their profits.
Bitcoin ETF Approval – Sell the News
Similar to several other market analysts, Don Alt believes that the approval of the spot Bitcoin ETF could be a sell-the-news event. Don Alt noted that:
The recent play with the BTC spot ETF has been remarkably straightforward to navigate. Bulls were evidently reluctant to sell ahead of the ETF approval, especially considering the upcoming halving. Even most bears refrained from adopting a bearish stance before such an obvious catalyst.
However, he added that once the ETF is officially approved, the situation becomes more complex. It might turn into a sell-the-news scenario, or it might not. The uncertainty prevails, and, interestingly, the longer the decision on the ETF takes, the more likely prices are to rise. Until the approval materializes, there are limited reasons to initiate selling.
The analyst also dismisses the odds favoring crypto bears waiting for BTC to plummet to a new cycle low. Dismissing notions of a return to $12,000, the analyst asserts that BTC is more likely to surge to $100,000 than to revisit lower levels.
Bitcoin Exchange Deposits Increase, Caution Ahead?
Data from CryptoQuant’s BTC Exchange Reserves indicates that over the weekend, some BTC holders made significant deposits into their exchange wallets.
At the time of the $38,000 BTC price on Thursday, the Bitcoin Exchange Reserves stood at 2.01 million BTC. However, by Sunday, November 12, it had risen to 2.04 million BTC.
This suggests that within the weekend alone, Bitcoin holders deposited 30,000 BTC across various crypto exchanges. At the current BTC price of $37,200, these newly deposited coins contribute approximately $1.2 billion to the Bitcoin market supply.
The Exchange Reserves metric, as illustrated, monitors real-time fluctuations in the number of BTC coins deposited on crypto exchanges and trading platforms. Typically, an increase in exchange supply is considered a bearish signal, and vice versa.
Best Crypto Exchange for Everyone
- Invest in Bitcoin (BTC) and 70+ cryptocurrencies and 3,000 other assets.
- 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
- Copy top-performing traders in real time, automatically.
- Regulated by financial authorities including FAC and FINRA.
2.8 Million Users
Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Credit: Source link
