An analyst who lived through the 2023 crypto breakout believes Bitcoin’s bull market will remain “incredibly strong” even if BTC falls 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 shouldn’t be surprising, as Bitcoin rose nearly 170% from October to March.
According to the top analyst, a drop to $52,000 will not negatively impact BTC’s high time strength.
“I think even if this goes back to $52,000, it would look incredibly strong. That’s a small setback in the grand scheme of things.
The high timeframes and even I would classify the weekly as a high timeframe as well, still look very good. There’s a lot of room to make this go down and still look really good.
I think even if this goes all the way back to where the ETF (exchange-traded fund) launched ($42,000), it would still look ridiculously good overall. But I think that’s very unlikely compared to the $52,000 support I could be looking at if the market remains weak.”
While Bitcoin looks vulnerable at the moment, DonAlt says BTC would erase the prevailing bearish sentiment if it rises above $69,000.
“I would classify this as a bit of weakness and I think that weakness would no longer be there if we manage to close above $69,000, which is the high we hit before having the highest weekly close. If we manage to get back up there, I think you could say $80,000 to $85,000 is next, and I think that would be very likely.
Until then, I think it would be wise to be a little more careful.”
At the time of writing, Bitcoin is trading at $62,236, down more than 2.5% in the past day.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3