Cryptocurrency analyst DonAlt shared insights on Bitcoin's BTC/USD current state and potential opportunities following the recent range breakdown.
What Happened: In a new YouTube podcast, DonAlt points out that despite the bearish price action on the lower time frames, the higher time frames, such as the monthly and weekly charts, are not as negative. He emphasized that as long as Bitcoin closes above $60,000 on the weekly timeframe, the outlook remains bullish.
"If it goes back above $62,000, that’d be a really good first step for more upside," Don stated, adding that a reclaim of the range would be a strong bullish signal.
Regarding altcoins, DonAlt expressed caution, noting that while some, like Ethereum ETH/USD, show strength, he prefers to see a capitulation event before considering them viable investments.
However, DonAlt did highlight the potential of certain altcoins, particularly if Bitcoin were to reclaim key levels. "If Bitcoin reclaims $62,000, I might actually just bet on ETH this time around," he said, indicating a potential shift in his investment strategy. He says that followers can call him ancient as he will buy “ETH, DOGE, LTC and maybe Pepe PEPE/USD” if he thinks Bitcoin has bottomed.
He also noted the recent performance of meme coins, such as Dogecoin DOGE/USD, which is trading at both monthly USD and BTC support levels. While predicting a potential rise to $1 if the cycle isn’t over, he also highlighted the attractive risk-to-reward setup.
Why It Matters: Regarding his long-term outlook on the crypto market, DonAlt admitted that he is not the biggest believer in the industry’s fundamentals. "I’m just here for the money, not here for crypto," he stated, viewing the market as a trading opportunity rather than a long-term investment.
In a recent tweet, DonAlt estimated Bitcoin to bottom either around the current price or around $45,000, advising traders not to panic as prices would likely be significantly higher in the next 12 months.
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.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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