Bitcoin analyst DonAlt, known for his accurate 2022 low prediction for Bitcoin (BTC), recently issued a warning to his 60,100 YouTube subscribers regarding the current state of the leading cryptocurrency. He emphasized the possibility of a significant collapse looming over BTC.
In his latest video update, DonAlt discussed the critical threshold that Bitcoin has reached, pointing out the importance of the $63,000 support level. He highlighted the risk of Bitcoin losing its upward momentum and the potential for a capitulation event if BTC bulls fail to defend this crucial level.
Capitulation, as defined by DonAlt, is a rapid and sharp price drop that could result in extreme instability in the cryptocurrency market. The analyst expressed 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, making the $63,000 level the last line of defense before a potential retest of $60,000.
DonAlt explained that breaking the critical $63,000 support could lead to a brief recovery period with temporary optimism, followed by a massive collapse in the days or weeks to come. He described the $63,000 level as “make or break” for Bitcoin, emphasizing its crucial nature in determining the future direction of the cryptocurrency.
The analyst also noted that maintaining the $63,000 support could pave the way for a Bitcoin rally, potentially reaching all-time highs. However, concerns have been raised among investors and traders as Bitcoin currently trades around $62,400.
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