A crypto strategist who rode Bitcoin’s 2023 breakout is warning that BTC is at risk of witnessing a significant correction if it fails to rally above $100,000.
Pseudonymous analyst DonAlt tells his 63,000 YouTube subscribers that Bitcoin will likely bounce if it pulls back to $90,000.
But the analyst warns that a correction now would put BTC in a position to see more downside price action.
“I think if it pulls back to $90,000 in any shape or form, you’re going to get some strength there… But like I said, I don’t that would be necessarily good for the short-term price action.
I think if you get to $89,000, you can get to $94,000 after maybe $95,000 and then I think you’ll probably go back down again.”
The analyst notes that his Bitcoin outlook would be different if BTC soars above $100,000 first before undergoing a meaningful retracement.
“What you want to see basically is this thing just continuing to go. If you pull back at $120,000 or whatever, maybe it flash crashes to $90,000 and then I would say something different. Then I’d be like, ‘Hey, this is a really good area in comparison to whatever else we have on the chart.’
And then maybe it doesn’t just make a lower high but actually really goes…
Otherwise, I think the level ($90,000) is just going to be a roadblock before we go somewhere in the low $80,000s.”
At time of writing, BTC is trading for $94,245.
Generated Image: Midjourney
