DonAlt, a well-known anonymous analyst in the cryptocurrency world, who has gained a reputation for his accurate market predictions, recently shared his thoughts on the future of Bitcoin (BTC), even in the face of potential price drops.
Anticipating a Correction of 30%
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 highlighted the underlying strength of the market that would remain unaffected.
DonAlt pointed out that despite the potential drop to $52,000, considering the substantial gains Bitcoin has made from October to March, it would not significantly dampen the prevailing bullish sentiment surrounding the cryptocurrency. He stressed the resilience of Bitcoin in longer time frames, asserting that even a decline to the $52,000 support level would not undermine its overall positive outlook.
Breaking the $69,000 Barrier Could Trigger an Upward Trend
While acknowledging the current fragility in Bitcoin’s price movement, DonAlt presented a scenario where a swift reversal of the existing downtrend could materialize. He proposed that surpassing the $69,000 threshold, which represents the highest level before the previous candle closed on the weekly chart, could nullify the current bearish signals and potentially pave the way for upward momentum.
According to DonAlt’s analysis, surpassing $69,000 could signal a trajectory towards the $80,000 to $85,000 range, a possibility he believes is increasingly probable. However, he advised caution until this turning point is reached, considering the current dynamics of the market.
As per CoinMarketCap data, BTC is currently being traded at $62,236 and has experienced a decline of over 2.5% in the past 24 hours.
Disclaimer:
The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
