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Renowned anonymous cryptocurrency analyst DonAlt, known for his accurate market predictions, recently offered insights into the future of Bitcoin (BTC), even amidst potential price drops.
30% Correction Forecast
In a recent strategy session with his YouTube subscribers, DonAlt discussed the current state and future of Bitcoin. He noted that despite the possibility of a 30% correction from its all-time high to $52,000, the fundamental strength of the market would remain intact.
According to DonAlt, considering the significant gains made from October to March, a drop to $52,000 would not significantly weaken the general bullish sentiment surrounding Bitcoin. He emphasized the resilience of Bitcoin in higher time frames, arguing that even a drop to the $52,000 support level would not weaken the overall strong outlook of the cryptocurrency.
Breaking $69,000 Could Trigger a Rise
While acknowledging the current fragility in Bitcoin’s price movement, DonAlt presented a scenario where a rapid reversal of the prevailing downtrend could occur. He suggested that breaking above the $69,000 threshold, representing the highest level before the last candle close on the weekly chart, could eliminate current bearish signals and potentially open the way for upward momentum.
According to the analyst’s analysis, surpassing $69,000 could indicate a trajectory towards the $80,000 to $85,000 range, a possibility he believes is increasingly likely. However, DonAlt recommended a cautious approach until such a turning point is reached, given the current market dynamics.
According to CoinMarketCap data, BTC is currently trading at $62,236 and has seen a decline of over 2.5% in the last 24 hours.
Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
