A trader who accurately predicted the crypto bottom in November of 2022 is expressing bullish sentiment on Bitcoin (BTC).
Pseudonymous analyst DonAlt tells his 54,100 YouTube subscribers that he foresees Bitcoin getting a “massive pump” that will siphon funds from altcoins and into BTC.
DonAlt says that Bitcoin could afterward consolidate, a move that would positively impact altcoins.
“And then you might see another [Bitcoin] consolidation like this [BTC ranging roughly between $33,400 and $35,200], another rotation into altcoins where people chase the 5%, 10%, 15%, 20% and then maybe we get a little bit of nice altcoin action.”
BTC is worth $35,223 at time of writing, after hitting a new 2023 high of just under $36,000 earlier in the day.
On the likely next course of action for Ethereum (ETH) over the short term, the trader says,
“ETH… my view on it is I think there’s a good chance it bounces in general like altcoin sentiment seems to be up, like people are kind of euphoric right now on the altcoin front, even though like they’re only bouncing a tiny percentage of what they lost before. So as long as that maintains you could see a little bit of a bounce.”
ETH is trading at $1,831 at time of writing.
Turning to Solana (SOL), DonAlt says a buying opportunity could arise if and when the seventh-largest crypto asset by market cap starts consolidating after the recent rally.
“There’s no real good pullback level to buy [Solana]. I think if it goes back to $30, that is scary. It’s a pullback level but it’s scarily close to where it’s actually just full-blown invalidated. And it starts looking really shitty.
On this one, if this consolidates maybe you just buy the consolidation, like that’s a pullback of sorts that I could see.
Otherwise, if Bitcoin tops [out], this probably goes down. If Bitcoin rips, this probably just keeps on going.”
SOL is trading at $43.21 at time of writing, up by more than 30% over the past week.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments…
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