A prominent figure in the cryptocurrency analysis field posits that Bitcoin (BTC) has the potential to surge to a value exceeding six figures, contingent upon its ability to breach a significant resistance threshold.
During a recent analytical discourse, the enigmatic analyst known as DonAlt shared insights with the 61,000 followers of the TechnicalRoundup YouTube channel. DonAlt suggested that Bitcoin’s recent downturn could be negated if it succeeds in closing approximately 9% higher than its present valuation.
Subsequently, DonAlt projected that the leading digital currency by market capitalization might initiate a bullish trend, potentially surpassing its previous peak established earlier in the year.
DonAlt elucidated, “The pivotal point is the $63,000 to $64,000 range. Once we commence closing above $63,861, I foresee a swift ascent to $80,000, followed by milestones of $90,000 and eventually reaching $100,000.”
Courtesy: DonAlt/YouTube
Nevertheless, DonAlt cautioned that a 10% drop from Bitcoin’s current value is plausible if it fails to maintain the support level near $56,500.
“If the support at $56,500 gives way, we’re looking at a potential dip to $52,000, which is alarmingly proximate. Those positioning at $52,000 are likely anticipating a brief downturn that will promptly correct itself. While this scenario is conceivable, its likelihood is diminished by the protracted consolidation period from March to July of 2024. Should the broader market exhibit resilience, a rebound is more feasible. Otherwise, lower bids around $44,000 might be more prudent. In a bearish scenario, a breakdown to $52,000, followed by a minor recovery and a subsequent sharp decline towards $40,000, could signify a complete market surrender.”
Source: DonAlt/YouTube
At the moment of reporting, Bitcoin’s trading price stands at $57,443, marking a 4.5% decline over the past day.
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Disclaimer: The views expressed on The Daily Hodl do not constitute financial advice. Prior to engaging in any high-stakes investments in Bitcoin, cryptocurrencies, or digital assets, investors are urged to conduct thorough research. It is important to note that all transactions and trades are conducted at one’s own peril, and any resulting losses are the individual’s sole responsibility. The Daily Hodl neither endorses the purchase nor the sale of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. It should also be noted that The Daily Hodl engages in affiliate marketing activities.
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