Fri Fire: Gold & Oil Up, Bitcoin & Crypto Dive
A trader who continues to build a following with timely Bitcoin (BTC) calls thinks the crypto king may rally to $60,000 quite soon.
Pseudonymous analyst DonAlt tells his 507,100 followers on the social media platform X that BTC could see furious rallies in the coming weeks.
The analyst says BTC’s chart looks primed to go “supersonic.”
“I would love to be bearish but how the f**k could I with a chart like this?
I’d rather risk some of my gains before I sell something that looks like it wants to go supersonic…
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”
At time of writing, Bitcoin is trading for $37,033. A surge toward DonAlt’s target suggests gains of about 60% in a short amount of time.
DonAlt says that one tailwind that could send Bitcoin flying is the hype surrounding the potential approval of a spot-based BTC exchange-traded fund (ETF). However, he warns that should a BTC ETF get approved, savvy traders might use the event to lock in their gains.
“The BTC spot ETF play has been one of the easiest things to trade in recent history.
Bulls were obviously not gonna sell before the ETF and into the halving and honestly, even most bears were not dumb enough to be bearish into a catalyst this obvious.
Once the ETF is through, it becomes difficult. It could be a sell-the-news event, but it could not be. I simply don’t know. In a funny way, the longer this ETF decision takes, the higher prices probably go. Because until it actually hits, there are very few reasons to sell.”
The analyst also says that the odds are not in favor of crypto bears who are still waiting for BTC to dump all the down to a new cycle low.
“People out here still talking about $12,000. Bro BTC is more likely to go to $100,000 here than it is to go back to $12,000.”
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