Experienced cryptocurrency analyst DonAltBitcoin (BTC) is just one critical level away from reaching a new all-time high, according to . The analyst also commented on the latest situation regarding Solana (SOL), one of the leading members of the altcoin market.
The Decisive Threshold for an Uptrend in Bitcoin is $58,000
DonAlt shared his views on his personal account on social media platform X and BitcoinHe emphasized that Bitcoin is currently hovering in a significant supply zone between $63,000 and $64,000. He noted that the last significant resistance standing in front of Bitcoin is $69,000, and that exceeding this level could pave the way for unprecedented price levels. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The analyst emphasized the importance of the weekly chart, which is a time frame he usually prioritizes, in determining the direction of the market. Accordingly, he preferred to take a more bullish stance as Bitcoin approached the $ 58,000 level and underlined that he ignored the price chart in this time frame, saying, “I think the only obstacle to reaching the all-time high is this threshold on the weekly chart. Although it is usually my favorite time frame, I decided to ignore it.”
DonAlt also announced that it decided to rise after exceeding $ 58,000, while the biggest crypto moneyHe added that if Bitcoin had encountered this resistance at a higher price point, he would have hesitated to open a new long position. The analyst’s strategy right now is to hold the position as long as Bitcoin remains above $58,000 and exit the position if it falls below that level.
At the time of writing, Bitcoin is trading around the $64,000 threshold. Despite the bullish momentum, DonAlt warned investors to be prepared for sharp price movements as price action in this critical region could become increasingly volatile.
Solana and the Altcoin Market
DonAlt is showing signs of entering a bullish phase in the altcoin market Ethereum rival To the left He also shared his views on the issue. Solana recently bounced off a long-term support level, which the analyst cited as a positive signal for the altcoin market as a whole.
The analyst stated that it is comforting that Solana, which is generally considered the market leader among altcoins, is showing strength at this critical point, and said, “This cycle is the leader of the altcoin market. LEFT“The fact that ‘s embraced support was one of the things that worried me about whether my bullish thesis was correct. This strength makes me less concerned,” he said. DonAlt said he remains cautiously optimistic and that Solana needs to continue to show strength next week to confirm that the market is moving into an uptrend.
At the time of writing, SOL is trading at $158, which is also a strong buy in the current cycle. altcoin reflects its potential and power to lead its market.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
