A prominent cryptocurrency strategist, known for accurately predicting Bitcoin price movements, has identified a key level that could signal the end of Bitcoin’s eight-month consolidation phase. DonAlt, a pseudonymous analyst, shared his insights with his large following on X, suggesting that Bitcoin could see a significant uptrend if it surpasses a critical resistance level.
According to DonAlt, Bitcoin needs to break above the $65,000 mark to confirm a bullish breakout, while a drop below $58,000 could lead to further downside. He also mentioned that retesting immediate support levels before moving higher would be a healthy sign for the leading cryptocurrency.
Currently, Bitcoin is trading at $62,663, with DonAlt closely monitoring Ethereum (ETH) as well. He highlighted that ETH is forming an ascending triangle pattern, a bullish formation that could indicate a trend reversal if Ethereum breaks above its horizontal resistance level.
In a recent video update, DonAlt emphasized that Ethereum would start to look bullish if it surpasses $2,700 or even $2,500 for more aggressive traders. At the time of writing, Ethereum is priced at $2,458.
DonAlt’s analysis and price predictions are closely followed by the cryptocurrency community, as traders and investors seek guidance on potential market movements. By staying informed about key resistance and support levels, market participants can make more informed trading decisions.
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Remember, cryptocurrency markets are highly volatile, and it’s essential to conduct thorough research and risk management before making any investment decisions. Stay informed, stay vigilant, and happy trading!
[Generated Image: Midjourney]