An analyst who rode the 2023 crypto breakout believes that Bitcoin’s bull market will remain “incredibly strong” even if BTC plummets to $52,000.
In a new strategy session, pseudonymous analyst DonAlt tells his 59,100 YouTube subscribers that a 30% correction from BTC’s all-time high should not be surprising considering that Bitcoin rose by almost 170% from October to March.
According to the top analyst, a drop to $52,000 will not negatively impact the high time frame strength of BTC.
“I think even if this pulls back to $52,000, it would look incredibly strong. That’s a tiny pullback in the grand scheme of things.
The high time frames and even I would classify the weekly as a high time frame as well still look really good. There’s a lot of room for this to go down and still look really good.
I think even if this pulls back all the way toward where the ETF (exchange-traded fund) was launched ($42,000), it would still look stupidly good overall. But I think that’s very unlikely in comparison to the $52,000 support which I could see get wicked into if the market continues to be weak.”
Source: DonAlt/YouTube
While Bitcoin looks vulnerable at the moment, DonAlt says that BTC would erase the prevailing bearish sentiment if it surges above the $69,000 mark.
“I would classify this as a little bit of weakness and that weakness I think would not be there anymore if we manage to close above $69,000, which is the high that we made before we had the highest weekly close. If we manage to get back above there, I think you can argue that $80,000 to $85,000 is next, and I think that would be very likely.
Until then, I think it makes sense to be a little more cautious.”
At time of writing, Bitcoin is trading for $62,236, down over 2.5% in the past day.
Generated Image: DALLE3
