A crypto trader who abruptly turned bullish on Bitcoin at its bottom in November is updating his outlook on the market.
In a new video, the pseudonymous analyst DonAlt says Solana is looking particularly strong and may be gearing up to outpace BTC.
“I like Solana… I like it against Bitcoin here. I think there’s a chance that it might outperform.
The USD pair has pulled back a little bit, but not that strongly.”
As for the rest of the altcoin market, the trader remains particularly bullish on Litecoin (LTC).
DonAlt bought LTC near its $60 November lows and says he sees a lot more room to the upside if it can crack $100.
“If it struggles with $100 for a while and just hugs that resistance, I think the pop is going to be that much better. So I’m not going to give up anytime soon…
We’ve seen this before. Litecoin’s been the exciting trade like two times before. It’s struggling with $100, but I think that’s going to go. And if it goes, I think it could easily double. So from $100 to $200 doesn’t seem too unlikely.”
As for Bitcoin’s trajectory, DonAlt believes the top crypto asset is likely on its way to at least $32,000. At that point, he may need to reassess.
“[At around] $32,000 is good enough for me. At that point I’d probably sell stuff or at least start booking some profits, because it’s been quite the rally. I could see it go higher, honestly.
When I was posting ‘maybe we’re going to go back to $60,000’ when the market was at $16,000, I got a lot of hate for it. I think now, if we go to $30,000 you’re going to see a lot of people saying ‘maybe $60,000’.
And that just goes to show how this works… Especially in crypto, you can always go 5x, 10x, but you can also always go down 95%.”
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Featured Image: Shutterstock/monkographic/GrandeDuc/Natalia Siiatovskaia