A renowned cryptocurrency analyst and trader has issued a warning that Bitcoin (BTC) could experience a significant drop if it fails to maintain a critical support level. The analyst, who goes by the pseudonym DonAlt, cautions the 65,100 subscribers of the Technical Roundup YouTube channel that Bitcoin may correct by more than 13% from its current value.
However, DonAlt emphasizes that if Bitcoin is unable to hold the $80,000 mark as support, a bearish trend could prevail. He states, “It would be good if [Bitcoin] held $95,000. If not, and if all of this breaks down, you’re basically out of luck in terms of support. And then you have to look in here for new structure to be built. I hope it wouldn’t go below $80,000, that starts looking really bad.”
DonAlt also suggests that Bitcoin could initiate a bull rally if it manages to regain $98,000 as support on the weekly chart. He explains, “It’s going to be an interesting weekly close. If we reverse this candle and close above $98,000, I think that’s hilariously bullish at that point. That’s like a really good setup. Stop below the low and target new highs. If we close below it, right below this box ($98,000), it starts looking a little bit worse. There’s really no support. When you go up like this in a straight line that’s nice and that’s good, but when you go back down, there’s no support that you can bid, which makes this all a little bit more difficult. But that doesn’t mean there’s no support. It just means it’s more difficult to find the area where it’s going to stop dumping.”
As of now, Bitcoin is trading at $92,483, experiencing a 2.5% decline in the last 24 hours.
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