In a recent analysis, a well-known cryptocurrency expert suggests that Bitcoin (BTC) could potentially surge to a six-figure value if it successfully overcomes a significant resistance point.
During a strategic discussion, the anonymous crypto analyst known as DonAlt shares insights with the TechnicalRoundup YouTube channel’s audience of 61,000 followers. DonAlt expresses that the recent decline in Bitcoin’s price could be deemed insignificant if it manages to close approximately 9% above its present value.
Subsequently, the analyst predicts that the leading cryptocurrency, based on market capitalization, could initiate a strong upward trend surpassing its previous record high from earlier this year.
DonAlt indicates, “The critical level of invalidation lies above $63,000, $64,000. An upward trend could propel Bitcoin back to $80,000 once we consistently close beyond [$63,861]… Initially targeting the all-time high before surpassing $80,000, $90,000, and touching $100,000.”
Nevertheless, DonAlt advises caution, suggesting that Bitcoin might experience a decline of approximately 10% if the support level around $56,500 weakens.
Should this $56,500 support level falter, DonAlt speculates, “The price could potentially drop to $52,000 initially. This level is fairly close. Bidding at $52,000 anticipates a false breakdown swiftly reversing, though this outcome seems improbable given the prolonged period within this range from March to July 2024.”
He adds, “However, under certain circumstances, particularly if the traditional market remains robust, considering a lower bid might be necessary, possibly around $44,000… In a bearish scenario, a breakdown could lead to a temporary bounce around $52,000 followed by a swift descent to $40,000—a complete capitulation.”
At the time of writing, Bitcoin is valued at $57,443, reflecting a 4.5% decrease over the past 24 hours. To stay updated, subscribe to receive email notifications, monitor price fluctuations, and follow The Daily Hodl on various platforms for the latest updates.
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