Renowned pseudonymous cryptocurrency trader DonAlt shared his latest Bitcoin BTC/USD forecast, as another trader called the price action at the start of the month a "true bull market classic."
What Happened: DonAlt's tweet on April 4 highlights Bitcoin's low timeframes, which, according to him, look promising above $68,300, but grim below $65,000. The area in between, he believes, is somewhat of a toss-up.
He further states that a longer range would be beneficial for bulls, as it would allow for the digestion of the significant move from $30,000 to $60,000. He believes that this could potentially pave the way for Bitcoin to reach $80,000 or more offering a bullish outlook.
Meanwhile, when one X user questioned if DonAlt had purchased any Bitcoin, he responded that it is not worth buying any more this late into the cycle, unless the position size is so big that it is hard to deploy elsewhere.
Also Read: ‘Forget Bitcoin Price Targets’: Crypto Expert Says 30% Of Cycle Top Metrics Are ‘High Risk’
Why It Matters: Coinglass data shows total liquidations over the past 24 hours at $75.21 million, with $40.2 million in short liquidations.
Bitcoin is down 2% on the week but up 4% month-over-month. Ahead of the Bitcoin halving event, the crypto king is offering buying opportunities for traders who target more potential upside.
Another crypto trader sees the price action as a "true bull market classic."
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Veteran Trader Peter Brandt Labels Ethereum A ‘Junk Coin,’ Says Bitcoin Is ‘King Over Gold’
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
