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A popular analyst tracking Bitcoin’s impressive rise in 2023 warns that even if the leading cryptocurrency surpasses the $100,000 mark, it may face serious correction risks if it cannot maintain that level. Known as DonAlt, the analyst has made notable evaluations regarding Bitcoin 
$108,123’s price movements.
Will Bitcoin’s Rise Above $100,000 Be Sustainable?
DonAlt emphasizes that surpassing the $100,000 level is a significant psychological threshold. However, he indicates that failing to maintain this level could lead to a sharp market correction. In a statement to his 63,000 YouTube subscribers, he mentioned that if Bitcoin retreats to $90,000, it might find an opportunity for recovery.
“If Bitcoin drops to $90,000, it may encounter resistance at that point. However, I do not believe this movement will yield positive results in the short term. A more meaningful rise requires BTC to exhibit a strong stance above $100,000,” he stated.
Correction Risk Remains a Concern
The analyst points out that current price movements increase the risk of a correction. He suggests that if Bitcoin remains stuck at a certain resistance point or experiences a sharp drop, a larger selling wave may occur in the market. In such a scenario, the $90,000 level could serve as a short-term support point for traders.
“If BTC cannot hold at the $100,000 level, it signals alarm bells for the market,” added DonAlt, stressing that traders should exercise caution. He noted that establishing a strong support area for Bitcoin would be challenging without reaching the $120,000 level.
As of this writing, Bitcoin is trading at approximately $94,245. Traders closely monitor the movements of the leading cryptocurrency at these critical levels. The performance of Bitcoin according to support and resistance points will play a crucial role in determining future market direction.
