Bitcoin 'One Resistance Level Away' From $60,000 Rally, Analyst Predicts As On-Chain Volume Spikes

Technical cryptocurrency analyst DonAlt has expressed optimism about Bitcoin BTC/USD, stating that the cryptocurrency is just one resistance level away from rallying to $60,000. He emphasizes that revisiting the $30,000 level is unlikely.

What Happened: According to DonAlt's latest video analysis, the critical price range between $44,000 and $45,000 represents the only remaining supply level that could impede Bitcoin's upward surge to $60,000. He suggests that a significant bull run could follow if the current bullish market leads to a breakout and closes above the range high.

Long-term crypto and stock investor Jelle concurs:

This bullish megaphone pattern has a target of $60,000.

But you wouldn't believe it. #Bitcoin pic.twitter.com/TVWZDaeYzd

— Jelle (@CryptoJelleNL) February 5, 2024

DonAlt, who has a reputation as a high-profile swing trader in technical analyst circles, anticipates potential support of around $38,000 before a move to $45,000. Beyond that, he acknowledges the possibility of a price increase, a subsequent correction, and then another upward trajectory. He states, "I think generally, it could go up, come back down, and then go further up."

Bitcoin is currently trading around $43,150, encountering resistance at $44,000, where it is experiencing rejection, according to DonAlt.

Read Also: Bitcoin Halving Next Major Catalyst After Spot Bitcoin ETF Approvals, But History Shows BTC Could Dip To $34,000 By April

Why It Matters: Bitcoin’s on-chain volume in January which reached its highest level since September 2022 more than tripling since September 2023, as per data from The Block. The on-chain movement of Bitcoin in January amounted to $1.21 trillion, signaling increased interest following the approval of the spot Bitcoin ETFs. This marked the fourth consecutive month of volume increases.

Recent data from CoinShares indicates that digital asset investment products experienced inflows of $708 million in the last week, bringing year-to-date inflows to $1.6 billion. Bitcoin dominated the reported inflows, amounting to $703 million (99%), while Ethereum saw outflows of $6.4 million. Solana's weekly flows amounted to $13.4 million.

What’s Next: Rekt Capital notes that today (Feb.5) Bitcoin will start its last week in the "Pre-Halving Downside" phase (orange) before transitioning into the "Pre-Halving Rally" phase (light blue)”

#BTC

Tomorrow, Bitcoin will begin its last week in the "Pre-Halving Downside" phase (orange) before transitioning into the "Pre-Halving Rally" phase (light blue)$BTC #Crypto #Bitcoin pic.twitter.com/JX2PIfpxp0

— Rekt Capital (@rektcapital) February 4, 2024

Captain Faibik sees bulls in complete control and the next bullish rally is to start in mid-March.

An increasing amount of technical analysts is turning bullish, with price predictions going as high as $150,000.

Also Read: Bitcoin Rebounds To $43,000: 'Bullish Momentum Could Trigger $1 Billion In Short Position Liquidations'

Image: Pixabay