Successful cryptocurrency analyst DonAlt expressed his belief that there will be a corrective movement if the Bitcoin (BTC) price reaches a critical point. DonAlt predicts that Bitcoin is currently heading towards a strong resistance area and could observe a rapid pullback if this level is reached, as BTC approaches its resistance around $58,000. Here are the details…
The cryptocurrency market has been followed with great attention recently, and price movements frequently attract the attention of analysts and investors. Especially the recent rise in Bitcoin price has drawn attention to the market again. In this context, the opinions of well-known analysts such as DonAlt can be influential in the market and affect investors’ decisions.
As DonAlt noted, Bitcoin’s current price chart shows signs of a move towards the resistance level around $58,000. However, even if this level is reached, the possibility of a rapid pullback should not be ignored. The analyst’s evaluation of Bitcoin is as follows:
“The only realistic resistance is $58,000, which I mentioned as the top level. [Bu seviye] It’s actually pretty close now… I think that’s important. If we go there, it will be mostly for roving. I think it will stay at the top for a while.
NEWS CONTINUES BELOWI think that’s the obvious place to sell. [Ama] I don’t think this will be a trend-setting peak or anything like that. “I just think it will be a pullback top… I think we could pretty much have a heavy sell-off there and then maybe we get a good pullback to $46,000 or maybe even lower.”
The crypto strategist also explained that he wants to accumulate BTC when it declines. But the analyst says he only wants to accumulate if it breaks down to a significant support in the mid-$30,000 levels:
“The only thing I’m very confident this will be a good buy is the weekly and monthly support between $32,000 and $35,000.
I don’t think it will reach those, but if it does, it’s just a holding-type buying opportunity. “You would expect this to be a bottom because it’s such a significant area, and it’s a nice 30% to 40% retracement that’s pretty clean.”
In conclusion, DonAlt’s view on Bitcoin’s price highlights the uncertainty and volatility in the cryptocurrency market. Investors should be prepared for any scenario that may occur in the market and follow a solid strategy to manage their risks.
At the time of writing, Bitcoin is trading at $51,978, with a slight intraday increase.
You can follow the current price movement here.
