An influential analyst in the cryptocurrency industry, who goes by the name of DonAlt, has outlined an optimistic outlook for Bitcoin (BTC), even in the face of potential market corrections. DonAlt believes that Bitcoin will remain strong even if its price falls to $52,000. Currently, the price of BTC stands at $62,390.32, representing a 2% drop in the past 24 hours.
From October to March, Bitcoin saw a remarkable increase in value, rising by almost 170%. Given this significant growth, the analyst believes that a correction of around 30% from its all-time high is to be expected. DonAlt stated, “I think even if it falls back to $52,000, it would still appear incredibly strong. This is just a minor setback in the larger picture.”
DonAlt also points out that the longer-term charts, such as the weekly chart, continue to show promise. “Even on higher time frames, including the weekly chart, Bitcoin still looks very good. There is plenty of room for it to fall and still maintain a positive outlook,” he explained.
According to DonAlt, 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 indicate a positive market condition. However, he considers this possibility to be unlikely compared to a more realistic support level at $52,000, especially if the market shows further weakness.
Currently, the Bitcoin market is displaying signs of vulnerability. However, the analyst remains confident in its ability to recover. He stated, “I consider this to be a minor weakness, and I believe this weakness would disappear if we can close above $69,000, which was the highest point before our highest weekly close. If we can surpass that level, I think it is very likely that the next target will be $80,000 to $85,000.”
Disclaimer: The opinions expressed in this article are solely those of the author and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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