As bitcoin BTC/USD As prices fell below $64,000 in trading on Monday, veteran crypto analyst DonAlt sees potential for a significant breakout but urges traders to remain cautious.
What happened: In the latest podcast update, DonAlt highlighted the importance of Monday's monthly close, noting that it could be “the 18th close above $65,000 or rather above $58,000.” He sees the $64,000-$65,000 area as a key resistance level to watch.
Referring to Bitcoin's recent consolidation around the $58,000 to $65,000 range, he said: “I think there's a very high chance, and a much bigger chance than breaking it, that we're just going to go up from here.” However, he warned that if Bitcoin fails to rise further, it could signal “another longer bear market.”
In shorter terms, DonAlt identified recent daily engulfing candle as potential short-term support, with its low around $62,600 serving as a “decent line in the sand for directional bias.” For deeper pullbacks, consider the $61,600 level as significant support.
Also Read: Bitcoin Up 8% in September: What Traders and Analysts Expect for 'Best Performing' Q4
Why it is important: While optimistic, DonAlt warned against overly aggressive trading at current levels.
Ultimately, DonAlt believes the market is poised to go higher, but stressed the importance of risk management. “I'm betting on the upside, but it will seem so obvious that this is bearish if it breaks and the opposite is true if it breaks,” he concluded.
Price action: In the last 24 hours, BTC is trading up 3.2% to $63,600.
What's next?: Bitcoin's influence as an institutional asset class is expected to be further explored at Benzinga's upcoming Future of Digital Assets event on November 19.
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