Bitcoin’s (BTC) 2022 low forecast by DonAlt, a well-known cryptocurrency analyst, has garnered attention. In a recent warning to his 60,100 YouTube followers, he raised alarm about Bitcoin’s current status, highlighting the possibility of a significant downturn.
DonAlt stressed the importance of the $63,000 support level in a recent video update, cautioning that Bitcoin’s upward momentum could be in jeopardy. He warned of a potential capitulation event if BTC bulls are unable to defend this critical level.
Capitulation refers to a sudden and steep price drop that could result in extreme volatility in the cryptocurrency market. DonAlt expressed his confidence in the $60,000 support level, which has been tested multiple times. However, he now believes that repeated tests may weaken this support. He stated, “The $63,000 level is the final defense line before revisiting $60,000, and I believe $60,000 could be breached. If we surpass $63,000, I anticipate that $60,000 will no longer be a factor.”
The analyst also discussed the implications of breaching the crucial $63,000 support level. He suggested that a brief period of recovery with temporary optimism could occur, but a significant collapse might follow in the days or weeks that follow. DonAlt described the $63,000 support level as a “make or break” point for Bitcoin, emphasizing its critical nature.
DonAlt had previously highlighted that maintaining the $63,000 support could potentially lead to a Bitcoin rally, potentially reaching new all-time highs. However, concerns have been raised among investors and traders as Bitcoin hovers around $62,400.
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