DonAlt analyst predicts a significant drop in bitcoin cryptocurrency

A leading cryptocurrency analyst and trader has expressed bearish sentiment on bitcoin. The analyst, who goes by the pseudonym DonAlt, told 60,500 subscribers of the YouTube channel Technical Roundup that bitcoin is likely to lose a key psychological support level and fall below $ 60,000.

«I think that if this range [між $ 60 000 і $ 73 800] breaks down, we should expect… at least 120 days of downward/sideways movement. It looks like you have a long range that is starting to break down.» According to DonAlt, in a worst-case scenario, BTC $97,521.02 Bitcoin 4.49% Market capitalization $1.93 trillion VOL. 24 hours $5.41 billion could fall 35% from its current level.

«In the worst of the worst scenarios, the price could fall to the mid-$ 40,000s, between $ 44,000 and $ 40,000. I think that would be the worst… And in the best case scenario, if it’s all bearish, I think it will be $ 52,000, and then there will be a sideways movement [цінова дія],» the expert emphasized.

The analyst also says that a weekly close above $ 63,000 would be a bullish scenario for bitcoin. «The problem is that this is very, very unlikely. It [тижневе закриття вище $ 63 000] has about a 10% chance of happening. So I wouldn’t be too optimistic yet.»