Traders riding the 2023 crypto breakout believe Bitcoin (BTC) is now poised to soar to $100,000.
In a new video update, pseudonymous analyst Don Alto told his 62,400 YouTube subscribers that Bitcoin is expected to end its months-long consolidation phase that began in March.
However, Don Alt warns that Bitcoin is likely to witness a deep correction move after a strong breakout surge.
“My basic scenario right now is that it's going to break out and get slammed… If this breaks out, it's going to go to $80,000, $90,000, maybe $100,000, and then after that… It’s going to come back.’ $60,000…and then we use that $60,000 as a base to do all the boring integration work.
But my basic scenario is that we're going to break out. ”
The trader said he is not sure whether Bitcoin will show a sustained uptrend after the initial breakout.
“I think it's likely that the breakout hasn't taken hold at this point. I think it's likely that we'll then consolidate about $60,000 and hold on to the next attempt. It's just this one attempt. I don't completely understand.”
However, the trader noted that the company may change its stance depending on future market conditions.
“But you can change your mind. If I'm bullish right now, and after we get to $90,000 and I start seeing signs of bullishness everywhere, I can change my mind. 'Hey. Sometimes I think, “My idea of what I'm going to do when I get here is something I don't agree with anymore,'' but I just change my mind and go with it. ”
At the time of this writing, Bitcoin is trading at $67,554, down more than 2% in the past day.
https://www.youtube.com/watch?v=xr-JA8GCyY
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