Bitcoin Expectations Rise Globally Post-Halving, Analyst Disagrees
Renowned analyst DonAlt, known for accurately predicting the 2023 crypto surge, has raised doubts about the optimistic outlook for Bitcoin. Despite this, he believes that even if Bitcoin drops to $52,000, the bull market will remain “incredibly strong.”
DonAlt, who has a large following in the crypto community, previously stated that a 30% correction after reaching all-time highs should not come as a surprise, considering Bitcoin’s impressive 170% rise from October 2023 to March 2024.
According to DonAlt, a potential drop to $52,000 will not hinder Bitcoin’s future bullish outlook. He also mentioned that if Bitcoin manages to surpass the $69,000 mark, the current bearish sentiment will dissipate.
As of now, Bitcoin is experiencing a downward trend, failing to maintain stability above $63,000. The cryptocurrency is currently trading at $62,900 after a 1.19% drop.
During this period, Bitcoin’s market cap has fallen to $1.238 trillion, while the trading volume has increased by 48% to $25 billion. This surge in trading volume has sparked concerns about short selling in the market.
Disclaimer:
The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research before making any investment decisions.