A trader who rode the rally in the broader crypto markets earlier this year is warning that Bitcoin (BTC<\/a>) is in a precarious position even after taking out resistance at $30,000.<\/p>\n Pseudonymous trader DonAlt tells his 509,700 followers on the social media platform X that Bitcoin needs to end the week above the $32,290 price level in order to confirm the bullish breakout.<\/p>\n According to the analyst, BTC is in a dangerous position because a weekly close below the key price area would indicate that the rally is a big bull trap.<\/p>\n \u201cIf this week goes well, we\u2019ll be back boys I was vocally and aggressively bullish the last few days because you could just tell it was gonna blow the lid off. Now that we have, we actually have to stick the landing. I\u2019m optimistic, but this is where it gets more dangerous.\u201d\u00a0<\/em><\/p>\n Looking at DonAlt\u2019s chart, it appears that he thinks BTC is in bull territory as long as it is hovering above $32,290.<\/p>\n At time of writing, Bitcoin is trading for $33,838.<\/p>\n The analyst also thinks that people are still sleeping on the idea that a spot market exchange-traded fund (ETF) is on the horizon for Bitcoin. DonAlt says that Bitcoin will likely gather more bullish steam if retail investors hop<\/a> on the Bitcoin ETF bandwagon.<\/p>\n \u201cThe best part about all of this is we\u2019re still not even in the ETF hype phase. We\u2019re just in the \u2018A few people know we\u2019ll get an ETF and are trying to front-run\u2019 phase It\u2019ll be so much fun when people pick up the ETF narrative completely.\u201d\u00a0<\/em><\/p>\n Last week, DonAlt predicted <\/a>that Bitcoin could soar to at least $60,000 once US regulators greenlight a spot-based Bitcoin ETF.<\/p>\n \u201cI think $60,000 is a reasonable target if we get the ETF. Now obviously not in the short term, but that\u2019s kind of where I think this could go. I think between $60,000 and $100,000 is the upper end.\u201d<\/i><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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