Bitcoin Surge To $60k To Happen Soon

It has been predicted the fact that we will soon see Bitcoin surge to $60k. It also seems that there is a catch to this, as you will see below.

At the moment of writing this article, Bitcoin is trading in the red, and the king coin is priced at $41,282.

An analyst named DonAlt, who shares his insights with over 55,300 subscribers on the TechnicalRoundup YouTube channel, is proposing a bullish scenario for Bitcoin (BTC).

Despite BTC trading below $42,000, DonAlt believes that based on historic price patterns, BTC could potentially surge by more than 45% from its current value.

However, he also cautions that such a surge could be followed by a correction.

“If you compare the consolidation that we had in 2018 and the bear market afterward to this one [in 2021], they’re strikingly similar so far. You had a massive spike. You had one big down candle from the all-time high for both 2018 and 2021. You had two months of consolidation here [in 2018]. Three months of consolidation here [in 2021], and then another nuke. So it’s pretty similar. So you have the high. You have the consolidation. You have the low, you have the high, consolidation, low.”

He continued and said the following:

“And then this ran up [in 2023] similar to how it did in 2019. But much slower. 2019 was straight up. It just smashed through resistance and here [in 2023] we haven’t so far but we’re trading above it.”

The trader has a belief that if the Bitcoin exchange-traded funds (ETFs) in the spot market get approved in January, it may cause a rally up to the $60,000 level before experiencing a sell-off.

After the sell-off, he thinks that Bitcoin may decline to $35,000, but could then embark on a huge rally, surpassing $60,000 once again.

“If you’re going to make the bullish case on this, you could be like, Hey, we still have 20 days on this quarterly before it closes. If this runs up towards resistance at like $60,000, maybe we get a repeat [of 2019]…”