Top Analyst Asserts Bitcoin’s Remarkable Strength Even in the Face of a Potential Correction to $52,000 – Here’s the Explanation
An analyst who experienced the surge of the cryptocurrency market in 2023 believes that Bitcoin’s bullish trend will remain strong, even if its value drops to $52,000.
In a recent strategy session, an analyst known as DonAlt, who has a following of 59,100 subscribers on YouTube, explains that a 30% correction from Bitcoin’s all-time high should not come as a surprise, considering the significant rise of almost 170% from October to March.
According to DonAlt, even if Bitcoin drops to $52,000, it will not have a negative impact on its long-term strength. He states, “Even if it pulls back to $52,000, it would still appear incredibly strong. In the grand scheme of things, that’s just a minor setback. The high time frames, including the weekly chart, still look very promising. There’s plenty of room for the price to drop and still maintain its positive outlook. Even if it falls back to the level where the exchange-traded fund (ETF) was launched at $42,000, it would still look impressively good overall. However, I believe this is unlikely compared to the $52,000 support level, which could potentially be tested if the market remains weak.”
Although Bitcoin currently seems vulnerable, DonAlt believes that the bearish sentiment would disappear if the price surpasses the $69,000 mark. He explains, “I consider the current situation as a sign of weakness, but if we manage to close above $69,000, which was the previous high before the highest weekly close, then I believe we can confidently say that the next target is $80,000 to $85,000, and I think that is very likely to happen. Until then, it is wise to exercise caution.”
As of now, Bitcoin is trading at $62,236, experiencing a decrease of over 2.5% in the past 24 hours.
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