DonAlt, a renowned anonymous analyst in the world of cryptocurrency, who has gained a reputation for his accurate predictions, recently shared his insights on the future of Bitcoin (BTC), even in the face of potential price drops.
Projected 30% Correction
During a recent strategy session with his YouTube followers, DonAlt delved into the current state and future prospects of Bitcoin. He acknowledged the possibility of a 30% correction from its all-time high to $52,000, but stressed that the market’s fundamental strength would remain intact.
DonAlt pointed out that despite the potential drop to $52,000, which has been a significant level of support in the past, the overall bullish sentiment surrounding Bitcoin would not be significantly weakened. He emphasized the resilience of Bitcoin in higher time frames, highlighting that even a decline to the $52,000 support level would not dampen the optimistic outlook for the cryptocurrency.
Potential Rise Triggered by Breaking $69,000
While acknowledging the current fragility in Bitcoin’s price movement, DonAlt presented a scenario where a rapid reversal of the ongoing downtrend could take place. He suggested that surpassing the $69,000 threshold, which represents the highest level before the last candle close on the weekly chart, could eliminate the current bearish signals and potentially pave the way for upward momentum.
Based on the analyst’s analysis, breaking above $69,000 could signal a trajectory towards the $80,000 to $85,000 range, a possibility that he believes is becoming increasingly likely. However, DonAlt advised caution until this turning point is reached, taking into account the current dynamics of the market.
According to data from CoinMarketCap, BTC is currently trading at $62,236, experiencing a decline of over 2.5% in the last 24 hours.
Disclaimer:
The information presented in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
