He says Solana (CRYPTO: SOL), XRP (CRYPTO: XRP) and much of the broader altcoin market will likely underperform the former in the future.
Bitcoin Breakout Could Run
In a podcast on Aug. 12, DonAlt said Bitcoin has effectively gone nowhere for six to ten weeks, repeatedly testing resistance while holding support.
He highlighted roughly $65,600 as the key upside level. A convincing breakout above that area could create a momentum trade and potentially trigger a fast move higher.
On the downside, he sees the low $62,000 region as increasingly important. A deeper move toward that area would raise the odds of another test of the range lows.
Despite the lack of momentum, DonAlt said sentiment looks too pessimistic relative to the actual price action.
"People are overly bearish," he said, noting that calls for $40,000 Bitcoin increasingly appear to treat another collapse as inevitable despite BTC continuing to hold its broader range.
His current bias: "Up is probably more likely than down."
