A prominent strategist and trader has just unveiled a scenario where Bitcoin is picking up steam again, surging over 80% this year.

In one strategy session Newly, analyst DonAlt says Bitcoin is trading in a wide range on a weekly time frame of $33,000 to $60,000.

According to DonAlt, the current large range offers two solid entry points for BTC.

“There are two places you can trade in this case: One is at the bottom of the range ($33,000) as I did. Second, I’ll trade when it shows up to get $33,000 back… Mega Moon at $60,000.”

The price action from the bottom of the range at $33,000 to the top of $60,000 offers an 81.82% upside potential for BTC.

Although the strategist is optimistic about temporarily losing the $33,000 support, he has conviction to explain Why falling below this critical level is dangerous for BTC.

“Honestly, the last thing I would do is bid $28,000. It’s like making a failed $6,000 bid in 2018. Why should someone do this? If I lose the current range ($33,000-$60,000), I want to buy once the price returns to the bottom of the range or much lower.”

The source: DonAlt

During the 2018 bear market, Bitcoin broke the $6,000 support and lost almost 50% of its value in less than a month.

In the short-term, DonAlt forecasts Bitcoin to rally to $44,000 on this initial rally.

“The daily chart is pretty wild. Twitter pundits are expected to return to the upside somewhere between the next two resistance levels. I hope to get that far.”

The source: DonAlt

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Minh Anh

According to DailyHodl