An analyst who rode the crypto rally earlier this year says that Bitcoin (BTC) looks extremely bullish as the leading digital asset finds acceptance above $34,000.
Pseudonymous analyst DonAlt tells his 507,900 followers on the social media platform X that Bitcoin is now trading in a wide range between $32,000 and $60,000.
Bitcoin trading well above the range low of $32,000 indicates that BTC bulls are in full control.
“Firm acceptance above range low. Doesn’t get much better than that.
As long as $32,200 holds, I don’t see why anyone could be anything but giga bullish. If we should lose the range low, we can start talking about being bearish.”
The top trader previously said that Bitcoin has no high time frame resistance until $60,000.
At time of writing, BTC is trading for $34,957.
Looking at the smart contract platform Ethereum (ETH), the analyst says that Ethereum will likely continue to underperform Bitcoin. The analyst shares a chart showing that the ETH/BTC ratio is in a sustained downtrend.
DonAlt says that he will start to reconsider his bearish stance on ETH/BTC if the pair manages to recover a key price area.
“I get worried if it goes above 0.06 BTC ($2,096) not every day that it moves 1%.”
At time of writing, ETH/BTC is trading at 0.0542 BTC ($1,894), down about 25% since the start of the year when it traded at 0.0723 BTC ($2,526).
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The post Trader Who Caught 2023 Crypto Rally Says Bitcoin Looks ‘Giga’ Bullish, Updates Outlook on Ethereum appeared first on The Daily Hodl.
