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Cryptocurrency News Articles
DonAlt Analyzes Bitcoin's Path, Cautions on Altcoins, and Predicts Market Surge
May 02, 2024 at 09:03 pm
Crypto analyst DonAlt analyzes Bitcoin's current state, highlighting bullish signals on higher time frames if it remains above $60,000 weekly. Altcoins are cautioned against, but a BTC reclaim of key levels could prompt investments in ETH, DOGE, LTC, and Pepe. DonAlt maintains a money-driven, short-term outlook, predicting a significant price increase in the next 12 months despite his skepticism about the industry's fundamentals.
Bitcoin Price Analysis and Altcoin Outlook from Crypto Analyst DonAlt
Renowned cryptocurrency analyst DonAlt has provided valuable insights into the current state of Bitcoin (BTC/USD) and the potential opportunities that lie ahead following the recent price range breakdown.
Bitcoin Price Dynamics
Despite the bearish sentiment prevalent in the short-term market, DonAlt emphasizes that the broader outlook remains bullish on the monthly and weekly charts. As long as Bitcoin continues to close above $60,000 on the weekly timeframe, the long-term investors can maintain their optimistic outlook.
"If it goes back above $62,000, that'd be a really good first step for more upside," DonAlt states, highlighting that a recovery above this level would be a strong bullish signal.
Altcoin Sentiment and Potential
Regarding altcoins, DonAlt adopts a cautious approach, observing that while certain coins like Ethereum (ETH/USD) exhibit some strength, he favors waiting for a capitulation event before considering them as viable investments.
However, DonAlt acknowledges the potential of specific altcoins, particularly if Bitcoin regains key support levels. "If Bitcoin reclaims $62,000, I might actually just bet on ETH this time around," he remarks, indicating a possible shift in his investment strategy.
Furthermore, DonAlt highlights the recent performance of meme coins, such as Dogecoin (DOGE/USD), noting its trading near both monthly USD and BTC support levels. He suggests that if the current cycle continues, DOGE could potentially rise towards $1, presenting an attractive risk-to-reward setup.
Long-Term Market Outlook
DonAlt admits that he does not possess unwavering belief in the long-term fundamentals of the cryptocurrency industry. "I'm just here for the money, not here for crypto," he declares, expressing his view of the market as a trading opportunity rather than a long-term investment.
In a recent tweet, DonAlt estimates that Bitcoin may find its bottom either at the current price or around $45,000. He advises traders to remain composed during price fluctuations, as he anticipates significantly higher prices within the next 12 months.
Impact of Institutional Adoption
The upcoming Future of Digital Assets event hosted by Benzinga on November 19 is expected to delve into the growing influence of Bitcoin as an institutional asset class.
Conclusion
DonAlt's analysis provides valuable insights for investors navigating the cryptocurrency market. His cautious approach towards altcoins, coupled with his optimistic outlook for Bitcoin in the long term, offers guidance for both short-term traders and long-term enthusiasts.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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