Analyst predicts massive breakout in crypto, BTC to $10,000 or $29,000?
- The crypto market cap excluding Bitcoin remains above the $518.92 billion level as analysts predict an explosive breakout.
- The Bitcoin price showed signs of resilience despite the sixth straight week of declines for the S&P 500.
- Analysts are considering whether the Bitcoin price breakout is towards the $10,000 or the $29,000 level.
Justin Bennett, a cryptanalyst observed the trend in the crypto market value excluding Bitcoin and predicted a massive breakout. The analyst claims that it is still uncertain whether Bitcoin will reach $10,000 or $29,000.
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The crypto market is headed for a massive breakout – Rally or decline?
Justin Bennett, an internationally recognized Forex trader and cryptoanalyst evaluated the overall crypto market value chart except Bitcoin and predicted a massive breakout. Bennett believes that the quiet period for cryptocurrencies is coming to an end, and the longer a market tumbles, the more explosive the breakout will be.
Bennett’s prediction is based on the altcoin market cap, which is hovering around $518.92 billion at the time of writing. The analyst has told traders to prepare for the breakout. It remains unclear whether the breakout will be to the upside or downside, but Bitcoin has shown its resilience by staying above the $19,000 level despite the decline in the S&P 500.
Despite Bitcoin’s correlation with the US stock market, the cryptocurrency has remained stable in the face of falling stock prices and rising inflation. In the latest update from the US Federal Open Market Committee (FOMC), the monetary policy maker assured that higher interest rates are here to stay. This means that traders will remain cautious in their approach to risk assets such as Bitcoin and cryptocurrencies.
Bitcoin Price at $10,000 or $29,000?
DonAlt, a pseudonymous cryptoanalyst known for his accurate predictions, has highlighted key price levels for Bitcoin, in a new video. While the analyst is uncertain about a Bitcoin price rally to the $33,000 level, DonAlt believes BTC could either hit the $12,000 to $14,000 range, a common price target for Bitcoin bears, or the $29,000 level.
The $29,000 level is considered a key point in the Bitcoin price trend, as the asset will decrease at this point, and DonAlt has revealed his strategy to dump his BTC holdings here.
DonAlt’s Bitcoin Price Target
