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A closely followed crypto strategist believes that Bitcoin (BTC) could reach a six-figure price tag if it manages to reclaim a major resistance level.
In a new strategy session, pseudonymous crypto analyst DonAlt tells the 61,000 subscribers of the TechnicalRoundup YouTube channel that the sell-off Bitcoin has witnessed recently could be invalidated if it manages to close around 9% above its current price.
Afterward, the trader says the top crypto asset by market cap could kick off a rally that would see it eclipse its all-time high set earlier this year.
“The invalidation is above $63,000, $64,000. Like the moment we start closing above [$63,861], I think it’s just going to go back to $80,000… Like at first, all-time high and then $80,000, $90,000, $100,000.”
Source: DonAlt/YouTube
DonAlt, however, warns that Bitcoin could plunge by around 10% from its current price if the support level at around $56,500 crumbles.
“If this [$56,500] support fails, first [it is to] $52,000. That is quite close. So if you’re bidding $52,000, you’re expecting this to be a false breakdown that immediately reverses, which is possible, but I think it’s quite unlikely given the length of this range [from March to July of 2024].
But it is possible especially if the traditional market stays strong. If you don’t think that’s going to happen I think you kind of have to bid lower. And I think that would be like $44,000…
The bearish case, if we’re breaking down, would be that we go down here [around $52,000], bounce a little and then immediately kind of rug pull fully towards $40,000. I think that would be full capitulation.”
Source: DonAlt/YouTube
Bitcoin is trading at $57,443 at time of writing, a 4.5% decrease during the last 24 hours.
Generated Image: Midjourney
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