Benzinga - A prominent crypto analyst, pseudonymously known as DonAlt, has provided a detailed market re-entry strategy for Bitcoin (CRYPTO: BTC), drawing from its performance between the November 2022 low and the 2023 high.
Sharing his insights with 52,900 followers on the TechnicalRoundup YouTube channel, DonAlt delves into the potential outcomes of a Bitcoin ETF decision and its implications on the cryptocurrency's value.
Bitcoin's Potential Trajectory: ETF Approval vs. Denial
According to DonAlt, the approval of a Bitcoin ETF could propel the cryptocurrency's value to a range of $32,000 to $35,000.
He attributes this potential surge to the recent crypto-specific weakness, suggesting that investors might be quick to offload their holdings within this price range.
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Conversely, if the spot Bitcoin ETF faces rejection, DonAlt predicts a decline in Bitcoin's value, potentially plummeting to between $19,000 and $20,000.
He elaborated on his strategy, stating, "ETF denied, look to buy at $19,400. ETF approved, aim to purchase immediately post-announcement and consider selling within the $32,000 to $35,000 range."
Navigating The Volatile Crypto Landscape
DonAlt further addressed the unpredictable nature of the crypto market, emphasizing the importance of adaptability.
He mentioned that even if Bitcoin rallies to $35,000 and he decides to sell, there's a likelihood of a retest during a pullback, allowing for re-entry opportunities.
Highlighting the recent market trends, he added, "If crypto behaves as it has recently – rising on positive news but retracting when buying interest wanes – it might revert to the $25,000 to $32,000 range and stabilize there for a while."
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