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Pseudonymous crypto analystDonAltoutlined a potential scenario in whichBitcoin BTC/USD could soar to an unprecedented $110,000 by 2026.
What Happened: In a YouTube interaction with his audienceon Saturday, DonAlt discussed Bitcoin's future, focusing on its next halving event in April 2024.
He predicteda temporary dip to around $32,000 before a significant rally toward his ambitious target by April next year. This projection is based on a combination of market analysis and historical trends.
Maybe we do something like this before we go lower again,like $90,000, $100,000 or$110,000 toward 2026 or 2025 wouldnt surprise me, but its what I think you could be looking at on the Bitcoin front, he said.
Also Read:Bitcoin Primed To Explode By Over 400%, Says Crypto Analyst
While optimistic about Bitcoin's long-term prospects, DonAlt cautionedabout the cryptocurrency's potential short-term volatility.
Its getting more and more risky. The longer you stick around, the worse it gets in my opinion. The monthly chart is still looking okay. The only thing that you need is this area $32,000to hold. If this area $32,000doesnt hold, thats where you flip bearish. Its pretty much the high time frame signal that we had here at $60,000, he said.
The crypto analystalso mentionedthe market's anticipation of the approval of spot market Bitcoin ETFs, which he believes may not necessarily boost Bitcoin's value as expected.
At the time of writing, Bitcoin was trading at$42,210.33, down by 4%in the last seven days.
Now Read:Here's Why One Analyst Says The Worst For Bitcoin May Not Be Over
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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