A veteran crypto trader says that Bitcoin (BTC) is one critical level away from hitting new all-time highs.
Pseudonymous trader DonAlt shares a chart with his 578,000 followers on the social media platform X suggesting that BTC is attempting to clear a heavy supply zone between $63,000 and $64,000, with one final resistance at $69,000.
“The weekly is all that stands in the way of new all-time highs, in my opinion. I’ve decided to simply ignore it even though it’s usually my favorite timeframe.
This is why I went bull at $58,000 because I’d have hated to open new longs into this resistance. Eyes closed, pray, cut if sub $58,000.”
With BTC now above the $64,000 mark, DonAlt says fresh positions need to stay “nimble” as price action will likely become more unpredictable.
Bitcoin is worth $64,296 at time of writing.
Looking at the altcoin market, DonAlt says that Ethereum (ETH) rival Solana (SOL) appears to be shifting into a bullish phase after successfully bouncing from a long-term support level.
“SOL as the altcoin market leader of this cycle hugging support was one of the things that had me worried about whether my thesis on up was right.
This strength makes me less worried.
Just need to maintain strength going into next week and it looks like the tides are shifting.”
At time of writing, Solana is trading at $158.
Generated Image: Midjourney