A pseudonymous crypto analyst said this on Thursday Bitcoin BTC/USD It may soon break out of its “indecision zone” and overcome the important $32,000 resistance.
What happened: In youtube video update, DonAlt Says Bitcoin Has Been Struggling To Overcome Resistance For Months, But Catalysts black Rock BlackOne of the world’s largest asset managers, the Spot Bitcoin exchange-traded fund (ETF), could finally move BTC beyond its long-standing resistance.
“If we didn’t get the BlackRock ETF news, I think it would have broken,” DonAlt said. It would have gone into support like [around $22,000] And then shot. But we got the news.”
“But now that we have a catalyst, I think we can break that. And then we can have a lot of fun north of $32,000,” he added.
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why it matters: While some may be concerned about a possible downside if bitcoin fails to break the resistance level, DonAlert is confident that the news of BlackRock’s ETF filing ensures that there is more potential for downside than downside.
In fact, the analyst believes that the next time bitcoin drops, it will be because people are FOMO-ing too much and driving the price even higher.
“So a bunch of people who are looking for positions to either close their positions or get into one, that’s what happened. I think the moment it’s going to stop, it’s going to reverse with a huge candlestick.” Where people are completely FOMO out of this thing because this is the best fundamental news we could get when the market was very, very bearish.
Price Action: At the time of writing, bitcoin was trading at $30,053, down 0.85% over the past 24-hours. According to data from Benzinga Pro.
Read further: Bitcoin Nears $30K After BitGo Abandons Prime Trust Acquisition, Ethereum, Dogecoin Slight Drop – Analyst Predicts 420% Surge For King Crypto By 2025
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