CoinJelly reports:
A closely monitored cryptocurrency strategist believes that if Bitcoin manages to reclaim its major resistance levels, its price could reach six figures.
During a recent strategy session, pseudonymous cryptocurrency analyst DonAlt informed 61,000 subscribers of the TechnicalRoundup YouTube channel that recent sell-offs could become invalidated if Bitcoin closes at approximately 9% above its current price.
The trader subsequently indicated that this top-tier crypto asset could trigger a rebound in valuation, surpassing earlier highs set earlier this year.
“Invalidation amounts over $63,000, $64,000. Just as we started closing above $63,861, I think it’s only going to revisit $80,000… like the initial all-time high, then $80,000, $90,000, $100,000.”
Source: DonAlt/Uube
However, DonAlt cautioned that Bitcoin could drop approximately 10% below its current price if support around $56,500 collapses.
“If this [$56,500] support fails, the first is $52,000. It’s very close. So, if you bid $52,000, you’d think that’s a bad fraction, and it could reverse right away, which is possible, but given the length of this range (from March to July 2024), I think it’s unlikely.
But it’s possible, especially with traditional markets staying strong. If you think that won’t happen, I think you have to bid lower. I’d guess that’s about $44,000…
Bear case, if we’re crashing, we fall here [around $52,000], bounce a bit, and then immediately crash all the way to $40,000. I think that would be a full surrender.”
Source: DonAlt/Uube
At the time of writing, Bitcoin is trading at $57,443, down 4.5% in the past 24 hours.
Don’t miss a beat—subscribe for email alerts directly to your inbox.
Check price action
Follow us on X, Facebook, and Telegram
Surf The Daily Hodl Mix
Generated image: midway