The future of Bitcoin remains a topic of intense debate among crypto analysts. DonAlt and CryptoCred, two prominent figures in the space, recently shared their contrasting views on Bitcoin’s BTC/USD outlook, highlighting the importance of considering multiple timeframes in market analysis.
DonAlt, in his latest “Technical Roundup” stream, expressed cautious optimism about Bitcoin’s trajectory. He pointed to the recent washout as a positive development, creating a more favorable chart structure. The monthly candle’s recovery from lows further strengthens the bullish case, according to DonAlt. However, he cautioned that the weekly timeframe presents a more bearish picture. Bitcoin is currently testing significant resistance around $64,000, a level that attracts potential short sellers. DonAlt’s current strategy involves holding his long position with a stop loss set at around $60,000, indicating a willingness to ride the potential upswing while managing risk.
CryptoCred, on the other hand, emphasized the challenges of navigating conflicting signals across different timeframes. He highlighted the difficulties of breakout trading, where traders often grapple with contradictory indications across various timeframes. This reinforces the importance of careful analysis and a multi-dimensional approach to trading decisions.
The broader crypto market also came under discussion, with DonAlt noting the end of the recent “meme cycle” and its potential impact on the overall market structure. The analysts’ mixed signals underscore the volatility and uncertainty surrounding Bitcoin’s future. The coming weeks will be crucial in determining whether Bitcoin can break through resistance and reach new highs, or if the current cycle is nearing its end.
The influence of Bitcoin as an institutional asset class is expected to be a key topic at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
