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One of the market’s most closely followed traders — known for predicting XRP’s explosive 700% surge over the past year — has refocused on Bitcoin, and his latest outlook is bullish.
In his latest update, DonAlt noted that weekly structure for BTC remains biased to the bull side despite short-term pullbacks.
Currently trading at approximately $118,000, BTC has managed to remain above critical support near $104,000 — a level he identifies as the last line of defense for bulls. Unless the price dips back under that level, he sees little reason to be bearish.
Interestingly, the prominent trader also revealed his "secret" as to how he approaches the price chart. DonAlt framed this method as "zoom out and relax," noting that the longer-term trend continues to favor an upswing. Those familiar with his past XRP calls know to use the bigger time frame to see the bigger picture.
Bitcoin price right now
For now, the chart shows Bitcoin’s climb since it broke through $100,000 earlier this year, with consolidations repeatedly going higher. Keep in mind that October is historically one of Bitcoin’s strongest months, so many market participants are expecting this pattern to hold.
The timing of DonAlt's call adds weight as macro conditions pushed liquidity into risk assets. This too strengthens the possibility for another leg higher for Bitcoin.
Assuming the leading cryptocurrency maintains its range above $104,000, DonAlt predicts the next target will be closer to $125,000, with enough upside to carry through the end of the year, reaching a new all-time high.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team