A well-known crypto analyst, who correctly predicted the bottom of the Bitcoin market in 2022, is warning that Bitcoin bulls need to step up their game.
Bitcoin Needs to Prove Itself
The analyst, known as DonAlt, believes that the recent drop in Bitcoin below $50,000 was a necessary correction, allowing the market to flush out weak positions. However, he’s concerned that if Bitcoin can’t regain momentum soon, it could be stuck in a prolonged bear market.
“If Bitcoin doesn’t break through the $58,000 support level, we could be looking at another six to eighteen months of sideways trading at low prices,” DonAlt said in a recent YouTube video. “But I’m optimistic that we’ll see a rally from here. We’ve had all the reasons to go down and we didn’t, so I think we’re in a good spot.”
A Key Level to Watch
DonAlt believes that Bitcoin needs to break above $68,000 to truly signal a bullish trend.
“If Bitcoin goes back above $68,000, even if we see a pullback, I expect it to start breaking out,” he said. “This is the most important level for the bears, but I think they’re wrong. I’m cautiously optimistic.”
Bitcoin is currently trading at $63,244, down over 2% for the day.
Important Note: This information is for general knowledge and should not be considered investment advice. Always do your own research before making any investment decisions.
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