Bitcoin Ready for Next Leg Up, Top Trader Says

Bitcoin may be preparing for another move higher after holding key support despite a sharp intraday sell-off, according to prominent crypto trader DonAlt.

"Looks like we're gonna get another leg up soon," DonAlt said in a post on X on Aug. 31.

The comment comes as Bitcoin heads into September after an unusually strong August and a powerful third-quarter recovery. The largest cryptocurrency has risen sharply from the roughly $64,700 area seen earlier in the month, with the latest price action showing $BTC consolidating near $78,000 after briefly approaching the $81,000 region.

Bitcoin briefly pushed above $80,000 in late August before retreating toward $77,000. Rather than extending the decline, however, the asset stabilized and began recovering, supporting the view that buyers remain active below the $78,000 level.

Bitcoin recently experienced a nearly 6% intraday decline after Federal Reserve governor Kevin Warsh took a more hawkish tone, according to Bitfinex. The cryptocurrency nevertheless held around $77,100.

Another Strategy purchase

Strategy, the Michael Saylor-led business intelligence company that has made Bitcoin the centerpiece of its treasury strategy, purchased another 4,603 $BTC for approximately $369.7 million. The purchases were made between Aug. 24 and Aug. 30 at an average price of $80,318.