Renowned cryptocurrency analyst DonAlt recently garnered attention with his prediction of Bitcoin’s (BTC) 2022 low. In a recent video update to his 60,100 YouTube subscribers, he issued a warning about the current state of Bitcoin, highlighting the potential for a significant collapse.
DonAlt emphasized the critical importance of the $63,000 support level for Bitcoin in his latest analysis. He expressed concerns about the risk of Bitcoin losing its upward momentum and facing a possible capitulation event if BTC bulls fail to defend this crucial level.
Capitulation, in this context, refers to a rapid and sharp price drop that could result in extreme instability in the cryptocurrency market.
The analyst reiterated his long-standing belief in the $60,000 support level, which has been tested multiple times. However, he cautioned that repeated tests could weaken this support. DonAlt stated, “The $63,000 level is the last line of defense before retesting $60,000, and honestly, I think $60,000 could break. If we surpass $63,000, I think $60,000 will be out of play.”
Furthermore, DonAlt explained the potential consequences of breaking the critical $63,000 support. He indicated that while a brief recovery period with temporary optimism might occur initially, a massive collapse could follow in the subsequent days or weeks. This underscores the make or break nature of the $63,000 support level for Bitcoin.
DonAlt also previously highlighted that maintaining the $63,000 support could pave the way for a Bitcoin rally, potentially leading to all-time highs. However, concerns have been raised as Bitcoin hovers around $62,400, leaving investors and traders wary.
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