A crypto expert who accurately predicted the Bitcoin bottom in 2022 is now sounding the alarm, warning of a potential major breakdown for the leading cryptocurrency.

In a recent video update, an analyst known as DonAlt, with a substantial following of 60,100 subscribers on YouTube, expressed concerns that Bitcoin could lose all of its bullish momentum. He emphasized that if the bulls fail to defend the crucial support level at $63,000, the cryptocurrency could experience a severe capitulation event.

For some time, DonAlt had been optimistic about the $60,000 support level. However, with Bitcoin repeatedly testing this level, he now believes that it has been weakened to the point of being unreliable. He identifies $63,000 as the last line of defense before a potential retest of $60,000, which he believes would likely result in a significant breakdown. While there may be temporary excitement with a daily green candle, DonAlt anticipates that the downward trend would continue in the following days, or even weeks.

The analyst emphasizes the importance of not underestimating the significance of the final support level, as it tends to attract substantial trading activity.

DonAlt had previously highlighted $63,000 as a critical “do-or-die” level for Bitcoin. If this level is breached, he expects the cryptocurrency to plummet to $50,000. However, if the support area manages to hold, he anticipates that Bitcoin will reach new all-time highs.

Currently, Bitcoin is trading at $62,152, which is below the support level identified by the analyst.

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