An analyst who rode the 2023 crypto breakout believes that Bitcoin’s bull market will remain “incredibly strong” even if BTC plummets to $52,000.
In a new strategy session, pseudonymous analyst DonAlt tells his 59,100 YouTube subscribers that a 30% correction from BTC’s all-time high should not be surprising considering that Bitcoin rose by almost 170% from October to March.
According to the top analyst, a drop to $52,000 will not negatively impact the high time frame strength of BTC.
“I think even if this pulls back to $52,000, it would look incredibly strong. That’s a tiny pullback in the grand scheme of things.
The high time frames and even I would classify the weekly as a high time frame as well still look really good. There’s a lot of room for this to go down and still look really good.
I think even if this pulls back all the way toward where the ETF (exchange-traded fund) was launched ($42,000), it would still look stupidly good overall. But I think that’s very unlikely in comparison to the $52,000 support which I could see get wicked into if the market continues to be weak.”
While Bitcoin looks vulnerable at the moment, DonAlt says that BTC would erase the prevailing bearish sentiment if it surges above the $69,000 mark.
“I would classify this as a little bit of weakness and that weakness I think would not be there anymore if we manage to close above $69,000, which is the high that we made before we had the highest weekly close. If we manage to get back above there, I think you can argue that $80,000 to $85,000 is next, and I think that would be very likely.
Until then, I think it makes sense to be a little more cautious.”
At time of writing, Bitcoin is trading for $62,236, down over 2.5% in the past day.
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