Two well-known crypto traders believe Bitcoin is gearing up for a big move. One of them, who accurately predicted the 2023 crypto breakout, thinks BTC could soon hit new highs, possibly even reaching $100,000.
A Breakout Followed by a Correction
DonAlt, who shares his insights with over 60,000 subscribers on YouTube, believes Bitcoin is on the verge of breaking out of its long consolidation phase. Since March, BTC has been trading sideways, but DonAlt sees that period coming to an end soon. He’s optimistic about Bitcoin making a jump, but he also warns that it might not be a smooth ride all the way up.
“My base case is right now we’re going to break out and it’s going to get smacked down… We’re going to go to $80,000, $90,000 maybe $100,000 if this breaks out, and then we’re going to go back down to $60,000… And then have $60,000 be a base and do all that boring consolidation stuff. But my base case is we’re going to break out,” says DonAlt.
However, he remains cautious. Even if Bitcoin surges past $80,000 or $90,000, DonAlt expects a pullback. He thinks the price might eventually settle around $60,000 before starting its next move up. He’s not entirely convinced that the breakout will lead to a sustained uptrend right away, adding, “I think there’s a good chance that the breakout doesn’t really stick now. I think we’re going to then consolidate around $60,000 and then it might stick on the next attempt.”
DonAlt is also open to changing his outlook based on how things unfold. “If I’m bullish now and we go to $90,000 and then I just see bullishness everywhere, I can change my mind,” he explains. This flexibility highlights the unpredictable nature of the crypto market and how even seasoned traders adjust their strategies.
Bitcoin and the Nikkei Connection
Another popular analyst, TechDev, shared his thoughts with his 473,000 followers on X. He sees Bitcoin mirroring past movements of Japan’s Nikkei stock index, suggesting BTC could be at the start of an extended bull run. According to TechDev, while most people look at Bitcoin’s price through the lens of four-year halving cycles, there might be a bigger pattern in play.
TechDev points out that Bitcoin’s price movements look similar to those of the Nikkei, which rallied for nearly 15 years starting in 1975. He hints that Bitcoin could be entering a long-term upward trend that most might miss if they’re not paying attention. “This ‘final leg’ could be a tougher read than you think,” he says.
This “final leg” could be a tougher read than you think. pic.twitter.com/5WQA6IBgRM
— TechDev (@TechDev_52) October 19, 2024
Mass Attention Phase and a Fast-Paced Market
TechDev believes we’re about to enter what he calls a “mass attention” phase. In simple terms, that’s when Bitcoin’s price starts moving up much faster than usual, and most of the gains come in a very short period. “The current mix of technicals and sentiment has primed the next vertical leg. When mass attention arrives, it will happen fast,” he explains.
According to him, this phase tends to be quick and intense. He adds, “Only 30 days are responsible for 99% of Bitcoin’s gains over the past 10 years. It’s the sideline/late arrival tax, and it’s steep.” In other words, if you’re sitting on the sidelines, you might miss out on the most substantial gains.
The current mix of technicals and sentiment has primed the next vertical leg.
When mass attention arrives, it will happen fast.
Only 30 days are responsible for 99% of Bitcoin's gains over the past 10 years.
It's the sideline / late arrival tax, and it's steep.
— TechDev (@TechDev_52) October 16, 2024
What Does This Mean for Bitcoin?
Both DonAlt and TechDev see potential for Bitcoin to break out, but their approaches differ. DonAlt expects a strong surge followed by a correction, while TechDev sees the possibility of a longer bull run that might catch many off guard.
At the time of writing Bitcoin is moving hands at $67,000 according to CoinMarketCap data, down 2% in the last 24 hours. Keep following us at HowToBuyBitcoin.org for the latest news and updates on Bitcoin.