$100,000 Bitcoin On the Horizon if BTC Breaks through Major Resistance Level, According to Notable Trader – But There’s a Twist
A highly regarded crypto strategist has expressed the belief that Bitcoin (BTC) could surge to a staggering six-figure price if it successfully reclaims a crucial resistance level. In a recent strategy session, pseudonymous crypto analyst DonAlt shared with the 61,000 subscribers of the TechnicalRoundup YouTube channel that the recent sell-off witnessed by Bitcoin could be invalidated if the cryptocurrency manages to close around 9% above its present price. If this were to happen, the trader suggests that the leading crypto asset by market cap could commence a rally that would propel it beyond its previous all-time high recorded earlier this year. DonAlt stated, “The invalidation is above $63,000, $64,000. Like the moment we start closing above [$63,861], I think it’s just going to go back to $80,000… Like at first, all-time high and then $80,000, $90,000, $100,000.”
However, DonAlt also warned that Bitcoin could experience a 10% drop from its current price if the support level at approximately $56,500 fails to hold. According to the analyst, a breakdown at this point could see Bitcoin plummet to $52,000, which is relatively close. DonAlt acknowledged the possibility of a false breakdown followed by an immediate reversal, but considered it unlikely given the range spanning from March to July of 2024. If the traditional market remains robust, this scenario becomes more probable. However, if individuals do not foresee the traditional market maintaining its strength, DonAlt suggests placing bids at an even lower level of around $44,000. In his bearish case, he envisions Bitcoin going down to around $52,000, then rebounding briefly before undergoing a significant rug pull down to $40,000, which he believes would amount to full capitulation.
As of writing, Bitcoin is currently trading at $57,443, reflecting a 4.5% decrease over the past 24 hours.
Source: DonAlt/YouTube