A prominent analyst in the cryptocurrency industry, who goes by the pseudonym DonAlt, has presented an optimistic outlook for Bitcoin (BTC) despite potential market corrections. DonAlt has shared insights that indicate Bitcoin will remain robust even if its price drops to $52,000. Currently, BTC is priced at $62,390.32, reflecting a 2% decrease in the last 24 hours.
From October to March, Bitcoin experienced a remarkable 170% increase in value. Given this growth, the analyst believes that a correction of approximately 30% from its all-time high is expected. “Even if it goes back to $52,000, it would still appear incredibly strong. In the grand scheme of things, this is only a small setback,” DonAlt stated in his analysis.
The analyst also emphasizes that longer timeframes, including the weekly chart, show promising indicators. “Even when considering high timeframes, such as the weekly chart, Bitcoin still looks very promising. There is still plenty of room for a fall in price while maintaining a positive outlook,” he explained.
DonAlt believes that Bitcoin’s resilience is such that even a drop to $42,000, which was the price at the launch of the first Bitcoin exchange-traded fund (ETF), would still signal a positive market condition. However, he considers this scenario to be unlikely compared to the more realistic support level at $52,000, especially if the market continues to show weakness.
Currently, the Bitcoin market is displaying signs of vulnerability. Nevertheless, the analyst remains confident in a recovery. “I would consider this a minor weakness, and I believe this weakness would disappear if we can close above $69,000, which is the highest level we reached before the highest weekly close. If we can surpass that, it is highly likely that the next target would be $80,000 to $85,000,” DonAlt stated.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading in cryptocurrencies carries a risk of financial loss.