Crypto Analyst DonAlt Projects Next Possible Moves For Bitcoin

According to a popular crypto analyst, known as DonAlt, Bitcoin looks to be getting ready to make sizable move.

In a recent video update, DonAlt, looks into what’s in store for Bitcoin in the coming months, and says that the fear and the panic in the crypto markets could mean that Bitcoin either goes on a massive capitulation event or moves up to $58,800 levels.

“In the next month, two or three, we’re going to either see the capitulation everyone wants or we’re going to see this thing close back up the range and actually start moving back up the range again… There’s going to be an opportunity be it at much lower because I have the next support at $14,000 or be it just by the range reclaim where I think there’s a good chance that this thing actually doubles again towards the range high.”

The analyst says that Bitcoin’s current market structure would indicate that the bottom is in. But, he cautions o BTC’s strong correlation with the stock market.

“There’s a good chance that it’s the end of the trend. I think there’s a good chance we go up. But like I said, if this was just crypto, if we weren’t as correlated, I’d make a big, big bet on this being the bottom… I look at this thing and I’m like, ‘It’s probably close to the bottom.’ And then I look at the S&P… the S&P could just wipe out, (Bitcoin) goes down to $14,000.”

At time of writing, Bitcoin is changing hands for $29,895, down 4.2% on the daily chart.