An experienced crypto trader says Bitcoin (BTC) is just one critical level away from reaching new all-time highs.
Pseudonymous trader DonAlt shares a chart with his 578,000 followers on social media platform X that suggests BTC is attempting to overcome a high supply zone between $63,000 and $64,000, with final resistance at $69,000.
“In my opinion, the only thing standing in the way of new all-time highs is the weekly report. I decided to just ignore it, even though it’s usually my favorite time of year.
This is why I went bullish at $58,000 because I would have hated to initiate new long positions at this resistance. Close your eyes, pray, quit if it’s under $58,000.”
With the Bitcoin price now above the $64,000 mark, DonAlt says new positions need to remain “flexible” as price action is likely to become more unpredictable.
At the time of writing, Bitcoin is worth $64,296.
Looking at the altcoin market, DonAlt says that Ethereum (ETH) competitor Solana (SOL) appears to be moving into a bullish phase after successfully bouncing off a long-term support level.
“SOL, as the altcoin leader of this cycle, held onto support and that was one of the reasons I was concerned about whether my thesis was correct.
This strength worries me less.
I just have to maintain my strength for next week and it looks like the tide is turning.”
At the time of writing, Solana is trading at $158.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
