A top crypto strategist known for making timely Bitcoin calls is outlining a price level where he thinks BTC’s eight-month consolidation could come to a close.
Pseudonymous analyst DonAlt tells his 589,100 followers on the social media platform X that he believes Bitcoin will gather more bullish momentum if it clears a crucial resistance area.
The trader also notes that it would be healthy for BTC to retest its immediate support before moving higher.
“>$65,000 and I’d wager we’ve finally escaped the endless chop
<$58,000 and sadness awaits
>$61,700 is a good first step towards $65,000 being broken
I’m hopeful we’ll go up after all this chop has ended.”
At time of writing, Bitcoin is trading for $62,663.
DonAlt is also keeping a close watch on the top smart contract protocol Ethereum (ETH). According to the analyst, ETH appears to be forming an ascending triangle pattern – a bullish reversal structure if an asset takes out its horizontal resistance.
“I shall name it the triangle of cope.”
In a video update, DonAlt says that ETH will start to look bullish if it soars above its horizontal resistance.
“Above $2,700 is already enough, like above $2,700 ETH starts looking really attractive. If not, even $2,500 if you want to be really, really aggressive.”
At time of writing, Ethereum is worth $2,458.
Generated Image: Midjourney