A crypto analyst who foretold the bottoms of Bitcoin (BTC) last year says we may soon see a rally in an altcoin project among the top 20.
DonAlt made a 2x price prediction in their current analysis
Analyst’s accurate predictions cryptocoin.com You can take a look at this article. In his current analysis, DonAlt talked about a scenario where Litecoin (LTC) could reach $200. Litecoin is rising linearly on the weekly chart, according to the analyst. Current price movements lay strong technical ground:
Litecoin/USD is currently looking good on the weekly timeframe. I don’t care if it performs lower or better than Bitcoin. It’s just a gorgeous graphic…
Basically, it increases linearly and so far I don’t see a problem with it.
For the Litecoin/Ethereum (LTC/ETH) pair, DonAlt says he expects Litecoin to outperform Ethereum in the short term. According to the analyst, Litecoin may experience a massive rally against Ethereum and once the rally stops, LTC will be in a stronger position than ETH in terms of performance.
Altcoin analyst says 3-digit prices are close
Earlier this week, the analyst said that if Litecoin closes above $100, it could rise to $220. According to DonAlt, getting used to this level will gradually open the way to $200:
At over $76 this looks perfect. A close above $100 opens the door to $130/$220.
Bitcoin predictions
Returning to Bitcoin, DonAlt says he aims to reach $32,000 to profit from the leading crypto:
The level I’m aiming for for me is $32,000. I will not take profit before $32,000 or before I start invalidating my thesis.
According to CoinMarketCap, Bitcoin is trading at over $24,000 at the time of writing and has gained over 8% at one point. Notably, the current level of Bitcoin was last seen in June 2022. Additionally, it added additional figures just one day after it crossed $24,000, a level seen for the first time since August last year.
Speaking about the recent price movements of BTC, Gemini co-founder Cameron Winklevoss stated that Bitcoin’s price levels have surpassed the lows recorded after the FTX crash in November 2022.
Bitcoin short put investors in reverse
BTC’s rise has left Bitcoin’s short-term investors on the losing side of the bar. According to Coinglass, the long/short position ratio for BTC saw long position holders knock out short position holders. The ratio was 1:16, with over 53% of traders taking a long position and over 46% still holding a short position.
Also, over $7 million was liquidated in the last hour. As of February 16, the total liquidation of short positions was $26.81 million.
