A trader who experienced the surge in cryptocurrency in 2023 believes that Bitcoin (BTC) is now on the verge of reaching a staggering $100,000. In a recent video update, an analyst known as DonAlt informed his 62,400 YouTube followers that Bitcoin seems ready to end its months-long consolidation phase that began in March. However, DonAlt cautioned that Bitcoin will likely face a significant corrective move following a strong breakout surge.

According to DonAlt, his base case scenario is that Bitcoin will experience a breakout, reaching as high as $80,000, $90,000, or even $100,000. However, he predicts that the price will then drop back down to $60,000, becoming a new base and entering a period of consolidation. Despite his expectations, the trader admits that he is not entirely convinced that Bitcoin will maintain its upward trend after the initial breakout.

DonAlt suggests that Bitcoin will likely consolidate around $60,000 before potentially experiencing another breakout. He emphasizes that his current stance may change depending on future market conditions. If the price reaches $90,000 and he observes further bullishness, he is open to changing his perspective.

As of now, Bitcoin is trading at $67,554, showing a decrease of over 2% in the past day.

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