Crypto Analyst Predicts Bitcoin Rally, Points to Key $28,000 Resistance Level

DonAlt, who is a popular pseudonymous cryptocurrency trader, has recently expressed optimism about Bitcoin’s potential for a significant upward movement. DonAlt, who has a following of over 508,000 people on a social media platform, believes that Bitcoin is on the verge of breaking a critical resistance level at $28,000.

If Bitcoin successfully surpasses this resistance, DonAlt anticipates that the cryptocurrency could potentially skyrocket to as much as $42,000. He suggests that the $28,000 mark is the last stronghold for Bitcoin bears, implying that they need to defend this level vigorously to prevent a bullish trend.

In a recent YouTube strategy session, DonAlt elaborated on his positive outlook for Bitcoin, especially as it approaches the $28,000 level. He noted that despite Bitcoin showing promising price movements lately, the general sentiment among crypto traders remains bearish. DonAlt pointed out that Bitcoin had a significant upward breakout on 1 October 2023, a move that seemed inexplicable to many. Since then, the cryptocurrency has been hovering around the $28,000 mark, which, according to him, is the only resistance level that genuinely matters.

DonAlt also mentioned that if Bitcoin fails to break above the $28,000 resistance, it could trigger a substantial sell-off, potentially driving the price down to between $23,000 and $20,000.

In a video released on 1 October 2023, Altcoin Daily presented an optimistic view for Bitcoin and Ethereum’s performance in the last quarter of 2023 and beyond. The commentary emphasized that Bitcoin experienced its first positive September since 2016, breaking an eight-year trend. Historically, a strong September has led to a robust performance in the final quarter of the year. Altcoin Daily listed several factors contributing to a bullish outlook for Bitcoin, including the likelihood of ETF approvals, spot buys driving recent price increases, and the exhaustion of sellers in the market.

The video also discussed Ethereum, highlighting that financial institutions are gearing up to launch Ethereum Futures ETFs. As many as nine such ETFs could be approved soon. Additionally, Ethereum’s reserves on exchanges are at their lowest in years, and the cryptocurrency has generated $10 billion in revenue faster than tech giants like Facebook and Microsoft. Altcoin Daily concluded by urging viewers to focus on the long-term potential of both cryptocurrencies.

Featured Image via Midjourney

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