- Renowned crypto analyst DonAlt predicts that Bitcoin could soar to $60,000 soon, indicating a potential 60% gain.
- The anticipated approval of a spot-based BTC ETF is seen as a key driver for this surge, though it also poses risks for a sell-the-news event.
A prominent trader, known for accurate Bitcoin (BTC) predictions, anticipates that the world’s leading cryptocurrency could experience a significant rally, potentially reaching the $60,000 mark in the near future.
Bitcoin Poised for ‘Supersonic’ Breakthrough: Analyst Forecasts a Soaring Ascent
Pseudonymous analyst DonAlt, who has amassed a following of over 507,100 on social media for his timely Bitcoin insights, believes that BTC’s chart is signaling a readiness for a major rally.
“I’d rather risk some of my gains before I sell something that looks like it wants to go supersonic,”
he expressed, reflecting confidence in Bitcoin‘s imminent upward trajectory. He further speculated,
“We’re at this weird point in the market cycle where I wouldn’t be surprised if we were trading at $60,000 in a month’s time.”
Current Market Position
At the time of writing, Bitcoin‘s value stands at $37,033. Should DonAlt’s prediction materialize, it would imply a swift 60% increase in Bitcoin’s price, a significant movement in a relatively short span.
Spot-Based BTC ETF: A Catalyst for Growth or a Double-Edged Sword for Bitcoin?
A major factor that could propel this surge is the buzz surrounding the potential approval of a spot-based Bitcoin ETF. DonAlt acknowledges that this could act as a strong tailwind for Bitcoin’s price. However, he also cautions that the approval might trigger a sell-the-news event, where traders could lock in their gains post-approval, potentially leading to a market pullback.
The Prolonged Wait’s Impact
Interestingly, DonAlt notes that the longer the ETF decision is delayed, the higher Bitcoin‘s price could climb, as the anticipation and lack of reasons to sell maintain market optimism.
Bearish Sentiment Versus Bullish Reality
DonAlt also addresses the skepticism of crypto bears, dismissing the likelihood of Bitcoin plummeting to significantly lower levels, such as $12,000. He argues that the odds are more in favor of Bitcoin reaching $100,000 than experiencing a drastic drop.
As the crypto community eagerly anticipates the next moves in the market, DonAlt’s prediction offers a bullish outlook for Bitcoin, suggesting a potential rapid ascent to new heights. While the approval of a spot-based BTC ETF looms as a significant influence, the market’s response to this event remains a critical factor to watch. Bitcoin’s journey towards $60,000, as foreseen by DonAlt, could be a defining moment in the cryptocurrency’s trajectory.