Top Analyst Predicts Bitcoin (BTC) ‘Chad’ Setup, Anticipates Optimal Market Scenario
BTC/USDT
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Contents
- A crypto analyst predicts a bullish outlook for Bitcoin after a bearish price action last month.
- The analyst, DonAlt, believes Bitcoin’s false downside move could trigger a burst to the upside.
- Despite his bullish outlook, DonAlt does not expect Bitcoin to print new all-time highs just yet.
Crypto analyst DonAlt predicts a bullish future for Bitcoin, despite recent bearish price action. He believes a false downside move could trigger an upward burst for BTC.
Bitcoin’s Bullish Outlook
DonAlt, a pseudonymous analyst with a following of 59,200 YouTube subscribers, recently shared his views on Bitcoin’s future. Despite Bitcoin losing $60,000 earlier this month, only to recover the key level a few days later, the analyst remains optimistic about the cryptocurrency’s prospects.
The False Downside Move
According to DonAlt, the false downside move is a catalyst that could trigger a burst to the upside for BTC. He explains, “That’s just a chad setup. I love those. Almost all the time when I get them where the daily time frame is bearish but the weekly and the monthly are bullish, when that flips you usually make quite a bit of money.”
Not Expecting New Highs Yet
While DonAlt is bullish on BTC, he doesn’t expect the crypto king to print new all-time highs just yet. He highlights that Bitcoin rallied by over 170% from October to March, and he believes BTC needs more time to “digest” the move before exploding to greater heights. He states, “This is something I said a couple of weeks ago: the longer this goes sideways, the better for bulls because we’re basically digesting the move that we had. That was a really, really aggressive move.”
Conclusion
DonAlt’s analysis suggests a bullish future for Bitcoin, despite recent bearish price action. He believes a false downside move could trigger an upward burst for BTC. However, he does not expect Bitcoin to print new all-time highs just yet, suggesting that the cryptocurrency needs more time to digest its recent aggressive move.