Benzinga - A pseudonymous crypto analyst on Thursday said that Bitcoin (CRYPTO: BTC) could soon break out of its "indecision zone" and push past a crucial resistance level of $32,000.
What Happened: In a YouTube video update, DonAlt said Bitcoin has been struggling to overcome the resistance for months, but the catalyst of BlackRock (NYSE:BLK), one of the world's largest asset managers, filing for a spot Bitcoin exchange-traded fund (ETF), could be what finally propels BTC beyond the lingering resistance.
DonAlt stated, "If we didn't get the BlackRock ETF news, I think this would have broken down. It would have gone into this kind of support [around $22,000] and then shot up. But we got the news."
He added, "But given we have a catalyst now, I think we can break it. And then we can have quite a bit of fun north of $32,000."
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Why It Matters: While some may be concerned about a potential downside if Bitcoin fails to break through the resistance level, DonAlt is confident that the news of BlackRock's ETF filing ensures that there's more upside potential than downside.
In fact, the analyst believes that the next time Bitcoin experiences a downturn, it will be because people are FOMO-ing (Fear Of Missing Out) too hard and pushing the price even higher.
"So a bunch of people who are scrambling to position to either close their positions or get into one, this is what followed. I think the moment this is going to stop it's gonna be with a massive candle to the upside. Where people just completely FOMO the s**t the out of this thing because this is the best fundamental news that we could have gotten while the market was very, very bearish-leaning"
Price Action: At the time of writing, Bitcoin was trading at $30,053, down 0.85% in the last 24 hours, according to data from Benzinga Pro.
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