Bitcoin Price Could Reach $100,000 if It Surpasses Key Resistance Level, Predicts Prominent Trader – Here’s the Catch
A prominent crypto analyst suggests that Bitcoin (BTC) could potentially surge to a six-figure value if it successfully overcomes a significant resistance level. In a recent analysis session, an anonymous crypto expert known as DonAlt shared insights with the TechnicalRoundup YouTube channel’s audience of 61,000 subscribers. The analyst highlighted that the recent downturn in Bitcoin’s price could be negated if it manages to close approximately 9% above its current value.
Following this development, the analyst predicts that the primary cryptocurrency by market capitalization could initiate a rally that surpasses its previous record high established earlier this year. DonAlt specified, “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.”
However, DonAlt cautioned that Bitcoin might experience a downturn of around 10% from its present price level if it fails to sustain support around $56,500. The analyst outlined potential scenarios, stating, “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 reporting, Bitcoin is valued at $57,443, reflecting a 4.5% decline over the past 24 hours. The analyst’s insights and predictions have garnered attention within the crypto community, with many investors closely monitoring Bitcoin’s price movements and key support and resistance levels in the market.
It is essential for investors to conduct thorough research and analysis before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. The cryptocurrency market remains volatile, and individuals should exercise caution and diligence when making investment decisions. The opinions expressed by analysts provide valuable perspectives but do not constitute financial advice.
