Bitcoin expectations globally signal a rise post-halving, while a renowned analyst suggests otherwise. A key analyst who accurately predicted the 2023 crypto rise stated that even if BTC drops to $52,000, the Bitcoin bull market will continue with an “incredibly strong” outlook.
Analyst’s Bitcoin Commentary
Last year, DonAlt, who made accurate predictions about the market surge, told thousands of crypto followers that considering Bitcoin’s nearly 170% rise from October 2023 to March 2024, a 30% correction after reaching all-time highs should not be surprising.
According to DonAlt, a potential drop to $52,000 will not harm BTC‘s future bullish outlook.
I think it will still look incredibly strong even if it retracts to $52,000. This is a very minor setback on a large scale.
I can classify higher time frames, including weekly ones, as high time frames, and it still looks really good. There’s a lot of room for it to go down and still look really good.
I think it will still look ridiculously good even if it retracts to around $42,000, where the ETF was launched. However, I think it’s very unlikely that the market will remain weak compared to the $52,000 support.
Despite Bitcoin’s vulnerable appearance, DonAlt mentioned that if BTC potentially moves above $69,000, the prevailing bearish outlook will disappear.
I might classify this as a bit of weakness, and if we manage to close above $69,000, which was the highest level we reached before the highest weekly close, this weakness will no longer exist. If we manage to surpass this level, you could argue that $80,000 to $85,000 is next, and I think that’s very likely.
Until then, it makes sense to be a bit more cautious.
How Much is Bitcoin Now?
The downward trend that started today seems to continue in Bitcoin. The price could not maintain stability above $63,000 and, as of writing, continues to trade at $62,900 after a 1.19% drop.
During this period, the Bitcoin market cap has fallen to $1.238 trillion. The trading volume has risen by 48% to $25 billion, which seems to have triggered a fear of short selling in the market.
