Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Renowned pseudonymous cryptocurrency trader DonAlt shared his latest Bitcoin (CRYPTO: BTC) forecast, as another trader called the price action at the start of the month a "true bull market classic."
What Happened: DonAlt's tweet on April 4 highlights Bitcoin's low timeframes, which, according to him, look promising above $68,300, but grim below $65,000. The area in between, he believes, is somewhat of a toss-up.
$BTCLow timeframes look much better above $68.3k
They look terrible below $65k
Kind of a toss up in between IMO
The longer the range the better for bulls, digesting the move from $30k to $60k by going sideways would pave the way towards $80k+ pic.twitter.com/MfzawVC75H
— DonAlt (@CryptoDonAlt) April 4, 2024
He further states that a longer range would be beneficial for bulls, as it would allow for the digestion of the significant move from $30,000 to $60,000. He believes that this could potentially pave the way for Bitcoin to reach $80,000 or more offering a bullish outlook.
Meanwhile, when one X user questioned if DonAlt had purchased any Bitcoin, he responded that it is not worth buying any more this late into the cycle, unless the position size is so big that it is hard to deploy elsewhere.
Also Read: ‘Forget Bitcoin Price Targets’: Crypto Expert Says 30% Of Cycle Top Metrics Are ‘High Risk’
Why It Matters: Coinglass data shows total liquidations over the past 24 hours at $75.21 million, with $40.2 million in short liquidations.
Bitcoin is down 2% on the week but up 4% month-over-month. Ahead of the Bitcoin halving event, the crypto king is offering buying opportunities for traders who target more potential upside.
Another crypto trader sees the price action as a "true bull market classic."
#Bitcoin convincingly broke out on the monthly chart.A red start to the month is a true bull market classic.
Just look at the wicks of these candles.
Pretty sure this month is no different. pic.twitter.com/oNecVF3cmd
— Jelle (@CryptoJelleNL) April 5, 2024
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Veteran Trader Peter Brandt Labels Ethereum A ‘Junk Coin,’ Says Bitcoin Is ‘King Over Gold’
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