Famous cryptocurrency expert DonAlt recently predicted that Bitcoin (BTC) will experience a downturn. On a YouTube technical review channel, the analyst expressed concern about Bitcoin’s ability to maintain its key psychological support level and warned that Bitcoin could fall below $60,000.
According to DonAlt, a crash in the range of $60,000 to $73,800 could trigger a sustained downward trend in Bitcoin’s price. He stated that this decline could cause a price stagnation of at least 120 days, making it difficult for Bitcoin to regain its bullish momentum. Visit NEWSLINKER for the latest technology news.
In the worst-case scenario, DonAlt predicts that Bitcoin could plummet by 35% from its current level, reaching around $40,000, between $44,000 and $40,000. He emphasized that this represents his expected maximum decline and that Bitcoin is not expected to fall further below this range.
In addition to his most severe prediction, DonAlt also offered a less extreme scenario in which Bitcoin could find support around $52,000. This would still mark a significant drop from current levels but would prevent more extreme declines in his worst-case scenario, leading to a period of sideways trading.
The main takeaway for investors is that a drop below $60,000 could lead to a long-term downward trend. Bitcoin could fall to the range of $40,000. If the decline is less severe, support may be around $52,000. A weekly closing price above $63,000 could indicate a positive trend, although the likelihood is low.
Despite the generally bearish outlook, DonAlt acknowledges that the likelihood of a bull market in Bitcoin with a weekly closing price above $63,000 is low, at only 10%, indicating a positive trend. However, he advises caution and urges investors not to be overly optimistic at this stage.
Currently, BTC is trading at around $61,500, up 1.4% in the past 24 hours. However, data shows that Bitcoin experienced a significant drop of 4.80% last week.
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