A crypto expert who accurately predicted the lowest point of Bitcoin in 2022 is now sounding the alarm that the cryptocurrency is on the verge of a major collapse. In a recent video update, the analyst, known as DonAlt, shared his concerns with his 60,100 YouTube followers, stating that BTC is at serious risk of losing all its positive momentum.
DonAlt explained that if Bitcoin bulls fail to defend the support level at $63,000, the cryptocurrency will likely experience a capitulation event. He expressed his disappointment with the $60,000 support level, stating that it has been tested so many times that it has lost its value and is not worth considering anymore. According to DonAlt, $63,000 is the last line of defense before a retest of $60,000, and if that level is breached, $60,000 will most likely collapse. He acknowledged that there might be a brief period of excitement with a single daily green candle, but ultimately believes that a significant breakdown is imminent.
DonAlt emphasized the importance of not underestimating the last support level, as that is where the majority of market activity will occur. He previously highlighted $63,000 as a critical level for Bitcoin, stating that if it is broken, the price could plummet to $50,000. However, if the support area holds, he predicts that Bitcoin will reach new all-time highs.
As of the time of writing, Bitcoin is currently trading at $62,152, below the support level identified by DonAlt.
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