A crypto strategist known for making timely Bitcoin calls says BTC may print new all-time highs if it can pull off one key thing.
Pseudonymous analyst DonAlt tells his 652,900 followers on the social media platform X that Bitcoin needs to break through resistance at the $101,000 level to have an explosive move to the upside.
“We like what we see. This is why I’ve been saying to just chill. It takes a whole three daily candles to make the mood swing the other way again. To me, $99,000-$101,000 is the last resistance before new ATHs (all-time highs). Break that and we start marching upwards again.”
The analyst also says that Bitcoin’s market structure is improving but it is still too early to turn bearish.
“BTC update: looks like it was a good choice not to doom post the lows. Just took two days and BTC looks much better. Greater than $100,000 and the party starts. Until then, it’s a bit too early to celebrate the win yet.”
The analyst also says that Bitcoin is showing strength after the negative news that the Dubai-based crypto exchange Bybit suffered a major security breach involving its Ethereum (ETH) cold wallet as well as Friday’s broad stock market sell-off.
“Pretty good reaction to bad news especially given it’s coupled with the traditional finance markets selling off.”
Bitcoin is trading for $ 96,127 at time of writing.
The analyst also believes that Ethereum is trading below its fair market value, while payment token XRP has reached its market value range.
“When I was bull posting XRP at $0.50-$0.60 I felt like XRP was mis-priced relative to everything else in the market Now it’s at around $3, which seems much fairer. I kinda feel the same way about ETH now at $2,800, mis-priced by quite a bit.”
ETH is trading for $2,647 at time of writing, down 3.1% in the last 24 hours. Meanwhile, XRP is trading for $2.56 at time of writing, down 4.5% on the day.
Generated Image: Midjourney
