An expert analyst who accurately predicted the rise of cryptocurrencies in 2023 believes that Bitcoin’s bull market will remain strong even if its value drops to $52,000.
In a recent strategy session, the analyst, known as DonAlt, shared his insights with his 59,100 YouTube subscribers. He stated that a 30% correction from Bitcoin’s all-time high should not come as a surprise, considering that the cryptocurrency had already risen by almost 170% from October to March.
According to DonAlt, even if Bitcoin were to drop to $52,000, its overall strength would still be impressive. He emphasized that this would only be a minor setback in the larger picture. He also mentioned that the higher time frames, including the weekly chart, continue to look positive. There is still plenty of room for a downturn in price while maintaining a positive outlook.
DonAlt did acknowledge that a drop all the way to $42,000, the level at which the exchange-traded fund (ETF) was launched, is unlikely. However, even if it were to happen, he believes that Bitcoin’s strength would still be evident.
While Bitcoin’s current state may seem vulnerable, DonAlt believes that a surge above the $69,000 mark would erase the prevailing bearish sentiment. He pointed out that if Bitcoin manages to close above this level, it could potentially reach $80,000 to $85,000 in the near future. Until then, he advises caution.
As of now, Bitcoin is trading at $62,236, experiencing a decline of over 2.5% in the past day.
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