An analyst known as DonAlt, who correctly predicted the bottom of the Bitcoin (BTC) market in 2022, believes that BTC has the potential to experience a significant rally and reach a new yearly high in 2023. DonAlt suggests that if Bitcoin breaks through the current resistance level, it could target around $36,000. However, he also acknowledges the possibility of downside movement but remains optimistic about an upward shift in sentiment.
DonAlt highlights that Bitcoin’s price action has been showing positive signs after a period of decline, marking the first time in months that the market has exhibited constructive price movement. However, he emphasizes the need for Bitcoin to make an upward move soon; otherwise, he may choose to derisk his position.
As of the time of the report, Bitcoin was trading at $26,519.
It’s essential to note that cryptocurrency markets are highly volatile, and predictions are subject to change based on market conditions.
Please be aware that cryptocurrency investments come with risks, and it’s crucial to conduct your own research and consider your risk tolerance before making investment decisions.