CoinDesk Report:
A trader who predicts the breakthrough of cryptocurrencies in 2023 believes that Bitcoin (BTC) is now poised to soar to $100,000.
In a new video update, analyst DonAlt, using a pseudonym, tells his 62,400 YouTube subscribers that Bitcoin appears to be ending the months-long consolidation phase that began in March.
However, DonAlt warns that Bitcoin could witness a deep correction after experiencing a strong breakthrough surge.
“My base case is that now we’re going to break out, it’s going to get destroyed… If it breaks out, we’ll reach $80,000, $90,000, or $100,000, and then we’ll come back to $60,000… And then based on $60,000, we’ll do all the boring consolidation work;
but my base case is that we’ll break out.”
The trader states that he does not believe Bitcoin will continue to rise after the initial breakthrough.
“I think it’s very likely that the breakout now won’t sustain. I think we’ll consolidate around $60,000, and then it might continue in the next attempt. It’s just this attempt, I’m not entirely sure.”
However, the trader notes that he may change his stance depending on future market conditions.
“But I can change my mind. If I’m now bullish and we go to $90,000 and then I see bullishness everywhere, I can change my mind. I can say, ‘Hey, the idea of what I want to do after we get here is just an idea I no longer agree with,’ and then I change my mind and keep doing it.”
At the time of writing, Bitcoin’s trading price is $67,554, down over 2% in the past day.
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Daily Hodl image generated: Midjourney
