The crypto analyst who nailed the current Bitcoin (BTC) bottom believes that the crypto king and Ethereum (ETH) are likely poised for more bursts to the upside.
Pseudonymous analyst DonAlt tells his 466,800 Twitter followers that the strong rally in Bitcoin and Ethereum to close the previous week is likely a sign that leading crypto assets are preparing for big rallies.
According to DonAlt, BTC and ETH “look set for an absolutely giga moon.”
Taking a closer look at Bitcoin, the cryptocurrency trader believes that BTC is poised to clear resistance at $24,300.
“Sell on the third test of $24,000? No thanks, I’d rather risk it.
According to the DonAlt chart, Bitcoin’s next resistance is at $32,200 if it breaches the $24,300 bid area.
The widely followed analyst too reflexes that Bitcoin’s current rally is a sign that BTC is serving its one true purpose.
“Bitcoin was born out of anger towards the banking system. I would love to see him thrive in uncertain times like this, proof that he is capable of showing his teeth. Inflation coverage, recession coverage are all memes. When banks steal your money, that’s when BTC is supposed to shine.”
Bitcoin was created in 2008 following the collapse of the US housing market and banking system, which forced the government to bail out institutions that are “too big to fail.”
Last week, the US financial system witnessed the collapse of several banking institutions, including Silicon Valley Bank and Silvergate Bank. Bitcoin responded by rallying from last week’s low of $19,736 to its current value of $24,130, a staggering 22% rally.
As for Ethereum, the cryptocurrency trader believes that the leading smart contract looks bullish after rallying from last week’s low of $1,379 to regain support at $1,600.
“This is absolutely insane.”
At the time of writing, ETH is worth $1,679, up more than 5% in the past day.
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