A prominent crypto analyst predicts that Bitcoin (BTC) could surge to six-figure territory upon overcoming a key resistance level. Speaking to the 61,000 followers of the TechnicalRoundup YouTube channel, pseudonymous strategist DonAlt suggested that the recent Bitcoin sell-off might be nullified if it manages to close approximately 9% above its current price.

Looking ahead, DonAlt speculated that should Bitcoin surpass the critical threshold around $63,000-$64,000, it could pave the way for a rally surpassing its earlier peak set earlier this year. “Once we close above [$63,861], I believe it’ll head straight back to $80,000… starting from the all-time high, then $80,000, $90,000, $100,000.”

However, cautioning against potential downsides, DonAlt highlighted that a failure to maintain support at $56,500 could lead to a 10% decline, with possible targets dipping towards $52,000. He acknowledged the slim chance of a swift reversal due to the extended trading range observed from March to July 2024, suggesting that a deeper bid around $44,000 might be prudent in less optimistic scenarios.

In a bearish scenario, DonAlt envisioned Bitcoin dropping to around $52,000, possibly bouncing briefly before plunging towards $40,000, which he described as a complete capitulation.

As of the latest update, Bitcoin is valued at $57,443, reflecting a 4.5% decline over the past 24 hours.

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Source: DonAlt/YouTube

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