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Popular cryptocurrency analyst DonAlt predicts a bullish scenario for bitcoin BTC $78,734.11 Bitcoin -0.15% Market capitalization $1.58 trillion VOL. 24 hours $1.13 billion as the flagship cryptocurrency trades below $ 42,000.
The expert tells 55,300 subscribers of the TechnicalRoundup YouTube channel that BTC could soar by more than 45% from its current price. However, DonAlt warns that the price of the main cryptocurrency may be adjusted shortly afterwards:
«If you compare the consolidation we had in 2018 and the bear market that followed in 2021, they are strikingly similar so far. You had a huge surge. You had one big downward candle from the all-time high in both 2018 and 2021. You had two months of consolidation [у 2018 році]. Three months of consolidation here [у 2021 році] and then another nuclear explosion. So everything is very similar. So, you have a maximum. You have consolidation. You have a low, a high, a consolidation, a low.
And then everything went up [у 2023 році] just like it did in 2019. But much slower. 2019 was a straightforward year. It just broke through the resistance, and here [у 2023 році] we have not reached it yet, but we are trading higher."
At the time of writing, the main cryptocurrency has dropped to $ 41.08, losing 1.67% overnight. The total number of coins circulating on the market amounted to $ 803.9 billion. Traders made daily trading deals worth $ 23.5 billion. Bitcoin’s dominance in the market amounted to 52.1%.