Bitcoin (BTC) Could Reach a Six-Figure Price Tag if It Reclaims a Major Resistance Level, Crypto Strategist DonAlt Says
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- 2024-07-11 16:07:31583browse
In a new strategy session, pseudonymous crypto analyst DonAlt tells the 61,000 subscribers of the TechnicalRoundup YouTube channel that the sell-off Bitcoin
A popular crypto strategist is revealing his price targets for Bitcoin (BTC) if it manages to reclaim a key resistance level.
In a new strategy session, the pseudonymous crypto analyst known as DonAlt tells the 61,000 subscribers of the TechnicalRoundup YouTube channel that the sell-off Bitcoin has seen recently could be invalidated if it manages to close around 9% higher than its current price.
According to the trader, the top crypto asset by market cap would then begin a rally that will see it surpass its all-time high set earlier this year.
“The invalidation is above $63,000, $64,000. Like the moment we start closing above [$63,861], I think it’s just going to go back to $80,000… Like at first, all-time high and then $80,000, $90,000, $100,000.”
DonAlt warns, however, that Bitcoin could drop by about 10% from its current price if the support level at around $56,500 gives out.
“If this [$56,500] support fails, first [it is to] $52,000. That is quite close. So if you’re bidding $52,000, you’re expecting this to be a false breakdown that immediately reverses, which is possible, but I think it’s quite unlikely given the length of this range [from March to July of 2024].
But it is possible especially if the traditional market stays strong. If you don’t think that’s going to happen I think you kind of have to bid lower. And I think that would be like $44,000…
The bearish case, if we’re breaking down, would be that we go down here [around $52,000], bounce a little and then immediately kind of rug pull fully towards $40,000. I think that would be full capitulation.”
At the time of writing, Bitcoin is trading at $57,443, down 4.5% over the last 24 hours.
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