Is Bitcoin Ready to Continue Its Rally? Renowned Analyst Explains!

• Don Alt is known for accurately predicting Bitcoin price points in the past and correctly identifying the lowest price point for crypto in 2022.
• Don Alt suggested that approval could turn into a ‘sell the news’ moment, meaning there could be more bears looking to sell to capitalize on the price surge.
• Bitcoin whales and sharks sold around 60,000 BTC, valued at approximately $2.2 billion, in the past week.

The Bitcoin price has been moving slowly for the past few days, but experts continue to share their views on the possibility of the rally continuing.

Can Bitcoin Sustain Its Rally?

Popular crypto analyst Don Alt joined the prediction lineup regarding Spot Bitcoin ETFs. Don Alt recently used the X social media platform to convey a strong bullish sentiment for the Bitcoin price, predicting that the cryptocurrency could reach $60,000 in the coming months.

Don Alt is recognized for accurately predicting Bitcoin price points in the past and correctly identifying the lowest price point for crypto in 2022. Now, Don Alt is of the opinion that Bitcoin is gearing up for a significant price increase, potentially reaching $60,000 in the coming months.

The recent rally is not due to the excitement around the approval of Spot Bitcoin ETFs, and the analyst believes that this rally could continue up to the $60,000 price point. The digital currency has surged by 121% since the beginning of the year and recently broke several years’ worth of highs.

The longer the SEC takes to approve applications, the higher the expectation for the rally. However, the analyst considered the possibility of a price drop after approval and took a different perspective. Don Alt suggested that approval could turn into a ‘sell the news’ moment, implying that there might be more bears looking to sell to capitalize on the price surge. Don Alt stated:

“Now, things might get a bit messy after the ETF gets approved. It might be a ‘sell the news’ moment, maybe not. To be honest, I don’t know.”

This logic echoes economist Peter Schiff’s warning about the approval of Spot Bitcoin ETFs potentially leading to a drop in Bitcoin prices. Schiff also believes that there may be more people holding assets with the expectation of selling at a higher price.

On-chain data indicates that significant investors sold due to profit-taking. Bitcoin whales and sharks sold around 60,000 BTC, valued at approximately $2.2 billion, in the past week.

Is Bitcoin Headed for $100,000?

Don Alt specifically rejected the bullish sentiment expecting Bitcoin to pull back to $12,000. He said, “The probability of BTC going to $100,000 here is higher than the probability of going back to $12,000.”

The SEC is expected to decide on 12 ETF applications by November 17, but they may not be approved until January 2024. At the time of writing, Bitcoin’s rally has slowed, and the asset is consolidating just below and above the $37,000 price point.