A well-known cryptocurrency analyst and trader, known as DonAlt, has recently expressed a bearish outlook on Bitcoin (BTC). In a video posted on the Technical Roundup YouTube channel, DonAlt suggests that Bitcoin could potentially drop below $60,000, losing a key psychological support level in the process. He warns that if the current range between $60,000 and $73,800 breaks to the downside, investors should brace themselves for at least 120 days of downward or sideways movement.
According to DonAlt, in a worst-case scenario, Bitcoin could see a significant drop of up to 35% from its current level. He predicts that the cryptocurrency could potentially fall to the mid-$40,000 range, with $44,000 to $40,000 being the lowest point. However, he believes that $40,000 is the absolute bottom and that Bitcoin is unlikely to drop any further. On the other hand, in a more optimistic scenario, DonAlt sees a potential bounce back to $52,000 followed by a period of sideways price movement.
DonAlt emphasizes that a weekly close above the $63,000 mark would be a bullish signal for Bitcoin. However, he believes that this outcome is highly unlikely, giving it only a 10% chance of occurring. As a result, he advises against becoming too bullish on Bitcoin at this time. Currently, Bitcoin is trading at $61,705.
To stay updated on the latest cryptocurrency news and market analysis, subscribers are encouraged to follow the Technical Roundup YouTube channel for more insights and updates from DonAlt. Additionally, followers can receive email alerts directly to their inbox by subscribing to the channel. For real-time updates and discussions, users can also connect with the community on social media platforms like X, Facebook, and Telegram. By staying informed and connected, cryptocurrency enthusiasts can make better-informed decisions in a rapidly evolving market.
In conclusion, the recent bearish sentiment expressed by DonAlt regarding Bitcoin highlights the uncertainty and volatility inherent in the cryptocurrency market. As Bitcoin teeters on a key support level, investors should exercise caution and closely monitor price movements in the coming days. While a potential drop below $60,000 is a cause for concern, there is also a possibility of a bounce back to higher levels. By staying informed and prepared for various scenarios, investors can navigate the market with greater confidence and adapt their strategies accordingly. Remember to subscribe to the Technical Roundup YouTube channel for the latest updates and analysis from DonAlt.
