A closely watched crypto strategist believes that Bitcoin (BTC) could reach a six-figure price tag if it manages to regain a major resistance level.
In a new strategy session, pseudonymous crypto analyst DonAlt said tells the 61,000 subscribers of the TechnicalRoundup YouTube channel that recently witnessed Bitcoin’s sell-off could be voided if it manages to close around 9% above the current price.
After that, the trader says the top cryptocurrency by market capitalization could stage a rally that would see it eclipse its all-time high earlier this year.
“The invalidation is over $63,000, $64,000. Like the moment we start to close above [$63,861]I think it’ll just go back to $80,000… Like before, the all-time high and then $80,000, $90,000, $100,000.”
However, DonAlt warns that Bitcoin could fall by around 10% from its current price if the support level crumbles around $56,500.
“If this [$56,500] support fails, first [it is to] $52,000. That’s very close. So if you bid $52,000 you expect this to be a false analysis that will be immediately reversed, 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 remains strong. If you don’t think that’s going to happen, I think you should bid lower. And I think that would be about $44,000…
The bearish case, if we go bust, would be that we go down here [around $52,000], bounce a bit and then immediately pull some sort of rug all the way towards $40,000. I think that would be complete capitulation.”
Bitcoin is trading at $57,443 at the time of writing, down 4.5% over the past 24 hours.
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Generated image: Midjourney