Crypto analyst and strategist DonAlt issued a significant warning to Bitcoin (BTC) 
$63,003 investors. He noted that, from a technical standpoint, Bitcoin might enter a new upward trend.
Bitcoin’s Deep Correction
DonAlt explained that the deep correction in August, which caused BTC to fall below $50,000, provided necessary leverage clearing for the largest cryptocurrency to move more robustly. He anticipates the market showing signs of recovery following this correction.
Signs of Weakness Pose Risks
The analyst emphasized that any signs of weakness in the current market conditions could lead Bitcoin into a prolonged downward trend. DonAlt mentioned that if the price breaks below $58,000, a bear trend could last between 6 to 18 months, stating:
The market has been shaken so aggressively that an upward movement after such a long consolidation is a fair assumption.
Significant Resistance Level at $68,000
DonAlt identified the $68,000 region on the daily chart as a critical level for Bitcoin. He suggested that if the price moves above this level, bulls will be positioned correctly and bears will likely be mistaken, saying:
If we exceed the $68,000 level without a pullback, we can assume that bears might be wrong. Therefore, a cautious approach is necessary.
As of the time of writing, Bitcoin was trading at $63,244, with a decline of over 2% for the day. DonAlt added that the current market conditions will significantly impact Bitcoin’s medium-term outlook.
According to DonAlt’s evaluation, if Bitcoin maintains its current support levels, an upward trend is expected to strengthen. However, if those support levels break, the market may require more prolonged corrections.
Bitcoin investors are closely monitoring market movements based on the analyst’s insights. Evaluating technical analysis along with market conditions plays a crucial role in understanding future price movements.
In conclusion, Bitcoin is considered to be in a favorable position for upward movement from a technical perspective. However, paying attention to market breaking points is vital for investors to manage their risks.
