A leading cryptocurrency strategist believes that Bitcoin (BTC) could hit six figures if it manages to break through a major resistance level.
In a new strategy session, anonymous crypto analyst DonAlt told the 61,000 subscribers of the TechnicalRoundup YouTube channel that Bitcoin’s recent sell-off could be invalidated if it manages to close about 9% above its current price.
According to the trader, the largest cryptocurrency asset by market capitalization could subsequently begin to grow, which will allow it to surpass the historical maximum set earlier this year.
“Invalidity above $63,000, $64,000. Like when we start closing above [$63,861]I think it’s just going to go back to $80,000… It’s going to be an all-time high first, and then $80,000, $90,000, $100,000.”
However, DonAlt warns that Bitcoin could fall by around 10% from its current price if the support level near $56,500 collapses.
“If this [$56,500] support fails at first [it is to] $52,000. That’s pretty close. So if you’re offering $52,000, you’re expecting it to be a false breakout that immediately reverses, which is possible, but I think it’s unlikely given the length of that range. [from March to July of 2024].
But it is possible, especially if the traditional market remains strong. If you don’t think that will happen, I think you’ll have to bid lower. And I think it will be around $44,000…
The bearish option if we crash would be that we go down here [around $52,000]jump up a little bit and then kind of pull the rug all the way to $40,000. I think that would be a complete capitulation.”
At the time of writing, Bitcoin is trading at $57,443, down 4.5% over the past 24 hours.
Generated image: Midjourney
