A prominent cryptocurrency analyst and trader known as DonAlt is pessimistic about Bitcoin (BTC), predicting a potential downturn. Speaking to the 60,500 followers of the Technical Roundup YouTube channel under his pseudonym, DonAlt suggests Bitcoin could breach a crucial psychological support level and drop below $60,000.
According to the anonymous analyst, “If this range [between $60,000 and $73,800] breaks downward, brace for… at least 120 days of decline or sideways movement. It’s like having a vast, long range that starts to break and find acceptance at lower levels.”
DonAlt foresees a scenario where Bitcoin could decline by as much as 35% from its current position. “In the worst-case scenario, we’re looking at mid-$40,000s, around $44,000 to $40,000. That, I believe, would be the worst of it… I think $40,000 is the absolute lowest it could go. If things turn more bearish, the best-case scenario might reach $52,000, followed by a period of sideways movement.”
The analyst emphasizes that a bullish setup for Bitcoin would require a weekly close above the $63,000 mark. “However, I consider this highly improbable. The likelihood of a weekly close above $63,000 is about 10% in my estimation. So, I wouldn’t advise becoming overly optimistic just yet.”
At the time of writing, Bitcoin is trading at $61,705.
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