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Crypto analyst DonAlt, famous for his accurate predictions, suggests that the decline in Bitcoin (BTC) is soon to reach its conclusion. This forecast implies a sigh of relief for crypto investors in the near future.
Expecting a 20% Drop Before Rising
In his latest analysis video published on the TechnicalRoundup YouTube channel, anonymous crypto analyst DonAlt suggests Bitcoin is likely nearing a bottom. He emphasizes that the leading cryptocurrency may need to fall more than 20% from its current prices before hitting the fundamental support level. He stated:
“We’re approaching support, but we’re drifting down to it… I hate when this happens. Because I don’t want to drift towards support. Generally, when we drift to support, I’m thinking the price will bottom out over time. Of course, we can move towards the next support, testing the area between $24,000 and $22,000. The next support level below this region is $20,000. So, the longer this takes and the slower it continues to move, the more likely I think $20,000 becomes.”
DonAlt also added that if the price falls to $20,000, he would be more than happy to accumulate BTC.
Significance of $27,400 According to the Analyst
The analyst further mentioned that he will closely monitor whether Bitcoin shows signs of strength after surpassing $27,400 and retesting this level as support. He said, “Right now, I want to see it showing strength, and this can best be seen on the daily time frame. This show of strength is basically just getting above $27,400. I think this would be a good measure of strength. Because we’re currently trading below the accumulation area that led us to the peak, and this area is quite significant to trigger a move or drop further. Right now, I want to trade in Bitcoin since both will work for me.”
According to CoinMarketCap’s (CMC) data, the largest cryptocurrency is currently trading at $26,429, with a 0.92% increase in the last 24 hours.
