Successful analyst DonAlt believes that despite a possible decline in Bitcoin price, the cryptocurrency’s bull market is on solid foundations. Even if BTC falls to $52,000, DonAlt emphasizes that Bitcoin will have an incredibly strong bull market trend.
According to DonAlt, Bitcoin’s almost 170% increase from October to March indicates that such a correction should be considered normal. Therefore, a 30% decline from the all-time high should not be surprising to market players.
According to the top analyst, a decline to the $52,000 price level will not negatively impact the long-term strength of Bitcoin price. This decline could allow the market to consolidate healthily and prepare for a more sustainable uptrend.
DonAlt explains his views on the subject as follows: “I believe Bitcoin will look incredibly strong even if it pulls back to $52,000. This is a small part of the overall picture. When I look at the higher time frames, I even consider the weekly charts as higher time frames and they still look quite positive. I think there is plenty of room for the price to experience a downward correction and still make a strong impression. In my view, even if the price pulls back to the $42,000 level, it will still look good overall. However, if the market continues to perform poorly, the situation could worsen. However, given the strength of the $52,000 support level, the likelihood of such a scenario is quite low.”
Although Bitcoin seems vulnerable at the moment, DonAlt thinks that if BTC breaks above the $69,000 level, it will leave the prevailing bearish trend behind.
“I consider this a bit of weakness and if we manage to close above $69,000, which was the highest level we reached before the weekly close, I think this weakness will now disappear. If we manage to break above this level, you could argue that $80,000 to $85,000 will be next, and I think that’s very likely.
“I think it makes sense to be a little more cautious until then.”
At the time of writing, Bitcoin is trading at $62,335, down 2.11% compared to the previous day.
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