Seasoned cryptocurrency analyst DonAlt has forecasted that Bitcoin (BTC) is on the brink of reaching its all-time high, with only one significant hurdle remaining. The analyst also offered insights into Solana (SOL), a prominent player in the altcoin market.
Key Level for Bitcoin: $58,000
DonAlt shared his analysis on social media platform X, highlighting Bitcoin’s current position within a critical supply zone between $63,000 and $64,000. He pointed out that the final major resistance is at $69,000, and surpassing this level could propel Bitcoin to new heights.
Emphasizing the importance of the weekly chart, DonAlt noted that the $58,000 threshold is crucial for Bitcoin’s upward trajectory. He mentioned that while he usually prioritizes the weekly timeframe, he is opting to ignore it this time. “I believe the only barrier to reaching an all-time high is this level on the weekly chart,” he explained.
After Bitcoin crosses $58,000, DonAlt expressed a bullish outlook, but he would reconsider opening new long positions if Bitcoin faced resistance at a higher price point. His current strategy involves maintaining positions as long as Bitcoin stays above $58,000 and exiting if it drops below this level.
Currently, Bitcoin is trading around $64,000. Despite the upward trend, DonAlt cautioned investors to brace for potential sharp price movements, as the price actions in this critical area could become more volatile.
Solana’s Market Impact
DonAlt also commented on Solana, an emerging competitor to Ethereum that shows signs of an uptrend in the altcoin market. Solana has recently rebounded from a long-term support level, which the analyst sees as a positive indicator for the broader altcoin market.
He expressed confidence in Solana’s strength, which he sees as a leader among altcoins. “Solana’s ability to embrace support at this critical point reassures me about my bullish outlook,” DonAlt said. He maintains cautious optimism, noting that Solana needs to continue showing strength in the coming week to confirm the market’s upward trend.
Currently, SOL is trading at $158, demonstrating its potential to lead the altcoin market in this cycle.
Key Inferences for Investors
- Bitcoin needs to surpass the $58,000 level to maintain a bullish outlook.
- Investors should monitor the $69,000 resistance level closely for potential new highs.
- Solana’s strength at its current support level is a positive signal for the altcoin market.
- Volatility is expected in Bitcoin’s price actions around the $63,000-$64,000 range; investors should prepare for sharp movements.