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DonAlt, a leading cryptocurrency analyst and trader, recently predicted a decline for Bitcoin (BTC). Speaking to subscribers on the Technical Roundup YouTube channel, the analyst expressed concerns that Bitcoin might not stay above a critical psychological support level and could potentially fall below $60,000.
Shared the Most Negative and Negative Scenarios for Bitcoin
According to DonAlt, a downward break in Bitcoin’s price range between $60,000 and $73,800 could lead to a prolonged downtrend. He added that such a break could result in at least 120 days of price stagnation, making it difficult for the largest cryptocurrency to regain momentum.
The analyst outlined a worst-case scenario where Bitcoin could drop by up to 35% from its current price level. In this scenario, Bitcoin could fall to the mid-$40,000 range, specifically between $44,000 and $40,000. This represents the maximum decline he foresees, and he emphasized that he does not expect the largest cryptocurrency to fall below this range.
In addition to the worst-case scenario, DonAlt presented a less severe decline scenario. In a more moderate decline, Bitcoin could find support around $52,000 and then enter a sideways trading period. While this still represents a significant drop from current levels, it avoids the more dramatic declines suggested in the worst-case scenario.
If Price Exceeds the $63,000 Threshold, Things Change
Despite the bearish outlook, DonAlt also presented a potential bullish scenario for Bitcoin. He noted that a weekly close above the $63,000 level could signal a positive trend, although he emphasized that this scenario is unlikely. The analyst estimated a 10% chance for this scenario. As a result, he advised caution and suggested that investors should not be overly optimistic yet.
At the time of writing, BTC is trading around $61,500, up 1.4% in the last 24 hours. Data shows that the largest cryptocurrency has dropped by a significant 4.80% over the past 7 days.
