Business

Bitcoin (BTC) in Early Stages of New Bull Market, Says Crypto Strategist

Crypto strategist DonAlt, who accurately predicted Bitcoin’s floor price last year, believes that BTC is now in the early stages of a new bull market. Despite breaking out from a multi-month reversal pattern, many traders still believe that Bitcoin is still in a downtrend. DonAlt sees this as a disbelief rally, which happens at the start of a bull market when traders still expect prices to eventually go lower.

Negative funding rates in various crypto exchanges also indicate that traders are still betting on BTC to go down, supporting DonAlt’s thesis that a disbelief rally is underway. DonAlt is mapping out BTC’s worst-case and best-case scenarios, with the worst case being an upward trend in the red zone, while the best case is represented by the green zone.

According to DonAlt, BTC’s high timeframe breakout could propel the king crypto to as high as $100,000. He suggests a “greed entry” at the current price level, with a not-so-greedy entry at $25,606, and targets of $36,000, $60,000, and $100,000.

Despite the volatility in the crypto market, Bitcoin has consistently gained more mainstream acceptance and has been on an upward trend for the past few years. Its current price of $27,527 is already a significant jump from its price of less than $5,000 in 2020. As Bitcoin’s potential for mainstream adoption continues to grow, many experts believe that it could become a more stable and reliable investment option.


Leave a Reply

Your email address will not be published. Required fields are marked *