Bitcoin Pulls Back but Top Trader Says Nothing's Broken Yet
Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have pulled back from their recent highs, but top trader DonAlt says this is not a reason to worry. In fact, he believes that even if they retreat further, the bullish market structure remains intact.
DonAlt pointed out in a podcast on August 29 that Bitcoin's weekly chart has barely deteriorated after its strong upside impulse. He argued that traders calling for an immediate return toward $70,000 to $72,000 may be overlooking the importance of momentum.
The experienced trader expects Bitcoin to move 'sideways slash up' unless reclaimed support breaks, with a deeper pullback likely leading to prolonged consolidation. According to DonAlt, Bitcoin's first significant test will come at around $75,000 to $76,000. While a retreat toward $72,000 to $73,000 would not destroy its weekly structure, a monthly close below $73,000 would be a more serious warning.
DonAlt is even more bullish on Ethereum, calling its technical structure one of the strongest among major cryptocurrencies. He sees $2,300 as key support for Ethereum, with a break potentially leading to $2,100-$2,200 and extended consolidation. If $2,300 holds, he believes the breakout will remain intact, and $4,000 could be a potential target.