A prominent figure in the cryptocurrency analysis community, known for their insightful predictions, suggests that Bitcoin (BTC) could soar to a value exceeding six figures if it successfully breaches a key resistance threshold.

During a recent analytical discourse, the enigmatic analyst DonAlt shared insights with the 61,000 followers of the TechnicalRoundup YouTube channel. DonAlt highlighted that Bitcoin’s recent downturn could be negated if it manages to secure a close approximately 9% higher than its present valuation.

Subsequently, DonAlt posited that the leading digital currency by market capitalization might initiate a surge, potentially surpassing its peak value achieved earlier in the year.

DonAlt elucidated, “The pivotal point is the $63,000 to $64,000 range. Once we begin to consistently close above $63,861, I foresee a swift ascent to $80,000, followed by a progression to $90,000 and eventually reaching $100,000.”

Credit: DonAlt/YouTube

Nevertheless, DonAlt cautions that a 10% drop from its current valuation is plausible if Bitcoin fails to maintain the support level near $56,500.

“If the support at $56,500 gives way, we’re looking at a potential fall to $52,000, which is alarmingly close. Those placing their bets on $52,000 are likely banking on a quick reversal from a false breakdown, a scenario that, while possible, seems improbable considering the duration of this range from March to July of 2024. However, should the broader market remain robust, it could materialize. Absent that strength, it might be prudent to anticipate even lower bids, possibly around $44,000. In a bearish scenario, a breakdown could lead to an initial drop to around $52,000, a minor recovery, and then a precipitous fall towards $40,000, signaling a complete market surrender.”

Credit: DonAlt/YouTube

At the moment of reporting, Bitcoin’s trading price stands at $57,443, marking a 4.5% decline over the past day.

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Disclaimer: The views expressed on The Daily Hodl do not constitute investment advice. Before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets, investors are advised to conduct thorough research. It is important to note that all trading and transfer activities are conducted at your own risk, and any resulting losses are solely your responsibility. The Daily Hodl neither endorses the purchase nor the sale of any cryptocurrencies or digital assets, nor does it act as an investment advisor. Additionally, The Daily Hodl is involved in affiliate marketing programs.
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