DonAlt, one of the leading analysts of the cryptocurrency markets, made an important warning about the near future of the Bitcoin price. In their latest analysis, DonAlt suggested that BTC was preparing for a correction of over 15%. He stated that this correction could indicate a significant movement in the cryptocurrency market.
According to DonAlt’s analysis, Bitcoin price recently fell below the $61,000 level, increasing the risk of breaking a key support level. The analyst emphasized that a close below $61,000, especially on the daily charts, would be a strong sign that Bitcoin is weakening. In this case, selling pressure in the market can be expected to increase and BTC will decline towards the $ 50,000 level.
“This is just a bearish scenario. We’ve had a kind of peace of mind here that’s just gone out of range and we’re starting to lose it again…
The worst case would be to retrace the range and then lose it again because that is a huge sign of weakness and then I think it will move towards $52,000 and lower… This is mainly because this range is being watched by a lot of people. When you get a buyback like we had and it fails, it upsets a lot of people because you see a group of people positioned at a fundamentally new level now that they’ve been broken and taken back.
NEWS CONTINUES BELOWIf it starts to fail, I think it will lead to a bigger fiasco… You really don’t want to lose that range.”
While supporting these predictions, DonAlt also takes into account Bitcoin’s past price movements and technical indicators. The analyst particularly emphasizes the volatility and possible risks seen in the market recently. However, it is also important to note that analysis can always be misleading and the market can move in unexpected ways.
Such fluctuations in Bitcoin and the cryptocurrency market in general may present significant opportunities and risks for investors. DonAlt’s analysis encourages investors to be mindful of the market’s potential risks and adjust their strategies accordingly. However, it is important that they do their own research and review their risk management strategies before making any investment decisions.
At the time of writing, Bitcoin is trading at $62,850.
You can access current market movements here.
