The individual who predicted the bottom of BTC in 2022, known as DonAlt, is optimistic about the beginning of a new bull cycle for the first cryptocurrency.
DonAlt shared his views on social media, claiming that many traders are excessively doubtful about bitcoin’s potential, even after the digital asset broke its multi-month reversal pattern.
He remarked, “All I see is a lack of trust. I’m uncertain whether the cryptocurrency will plummet to zero, or if traders are just being foolish by shorting during a banking crisis following a nine-month bullish recovery and a range break.”
DonAlt demonstrated several negative forecasts on various crypto platforms, indicating that traders seem to be predominantly betting on the fall of bitcoin, which supports the notion that a “rally of distrust” is ongoing.
This type of rally typically occurs at the start of any bullish cycle, with the primary feature being traders’ caution due to the previous bearish trend. The analyst stated, “Bitcoin has just broken through a nine-month consolidation. And yet, it has attracted new funding sources?…
This seems to be the pinnacle of foolishness.” DonAlt has created a map outlining the worst and best scenarios for bitcoin, and both suggest that the price of BTC should increase:
“The worst case scenario is red. The best scenario is green.”
DonAlt recently shared his predictions on the potential price of BTC, stating that a breakout in the longer timeframe could propel the cryptocurrency towards the $100,000 mark.
He advised traders to enter the market now, but cautioned that a less greedy entry would be at $25,606. DonAlt’s price targets for BTC are $36,000, $60,000, and $100,000, with the price to close the position set at $23,000 and $27,556.
Meanwhile, a recent review from Bits.media analyzed the price fluctuations of BTC and several altcoins over the past week.