A pseudonymous crypto analyst known for timely Bitcoin calls believes the flagship digital asset's price action following the US midterm election suggests it may be setting up for an all-time-high rally.
DonAlt told his 797,800 followers on X that Bitcoin's monthly chart turned green after the price dropped to the $75,000 level on November 4th.
"Good start; the monthly looks like it just wants to go straight back to ATH," he wrote. "Would be fun if it did. Fingers crossed we continue being this strong."
The strategist appeared to suggest that Bitcoin continues to respect support at $70,000 while potentially carving a higher low on the monthly chart. Bitcoin rallied to an all-time high of $126,000 in October of last year.
Analyst Pushes Back on Bearish Narrative
DonAlt also countered the prevailing narrative that crypto would be bearish if Democrats win. In a post referencing the claim that crypto is bearish if Republicans lose, he wrote: "Republicans lose. Daily green. I don't know man; the more the Democrats win, the less grifting is gonna be allowed. And I think that's a good thing; s**t got disgusting over the last two years."
Earlier this month, DonAlt said Bitcoin flashed signs of strength as BTC barely flinched following the $6.34 Binance hack.
"Last time the market didn't properly sell off after a huge event like this was the FTX collapse," he said. "When I saw the lack of follow-through, then I got giga bullish. And we subsequently went from $16,000 to $100,000. Hard to be bearish here after having been given the same setup yet again."
Democratic Midterm Wins
Democrats won a majority in the House and Senate in the midterm election, the Associated Press reported. Democrats won 54 seats in the Senate, compared with 44 for Republicans. In the House, Democrats secured 237 seats, while Republicans won 147.
