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A well-known crypto analyst who predicted the bottom of bitcoin BTC $80,395.99 Bitcoin 1.88% Market capitalization $1.61 trillion VOL. 24 hours $1.38 billion in 2022 warns that a decisive moment has come for bitcoin bulls. Crypto expert DonAlt says that the technical conditions are favorable for the start of a new bitcoin bull rally. However, he emphasizes that if the cryptocurrency does not show growth in the near future, the market may enter a protracted bearish cycle.
DonAlt believes that the deep correction in August, which brought bitcoin below $ 50,000, was necessary to clear the market of excessive leverage. This creates the preconditions for further growth. If the support at $ 58,000 does not hold, the analyst predicts another long bear market that could last from six to 18 months.
According to DonAlt, an important level for bitcoin bulls is $ 68,000. If the rate overcomes this barrier, we can expect significant growth, even if there is a short-term correction. The analyst believes that at this level, the bears may be wrong in their forecasts, but he is cautiously optimistic.
Currently, bitcoin is trading at around $ 64,056, down more than 0.7% per day. According to the analyst, the current moment is crucial for determining the future dynamics of the main cryptocurrency.