Despite Bitcoin trading below $42,000, popular crypto analyst DonAlt explained the possible bull trend scenarios, warning that Bitcoin could increase by more than 45% from its current value but could experience a correction soon.
DonAlt highlighted the similarities between the consolidation periods of 2018 and 2021 and the subsequent bear markets, indicating that he expects a slow increase in 2023. However, he mentioned that a breakout like the one in 2019 has not yet occurred.
He mentioned that the approval of Bitcoin ETFs in the spot market could push Bitcoin up to $60,000, followed by a potential sell-off wave. He then suggested that Bitcoin could drop to $35,000 before rising again above $60,000, possibly entering a major rally.
The analyst believed that the ETF approval would be a ‘sell the news’ event, likely to take place in January. He added that if FOMO pushed people further, the $60,000 resistance level would be optimal, followed by a negative period lasting from a few months to half a year.
At the time of writing, Bitcoin was trading at $41,290 with a slight increase in the last 24 hours.