A well-known cryptocurrency analyst, DonAlt, has issued a warning about Bitcoin (BTC). He believes that BTC is at risk of falling below a crucial support level of $60,000.
Key Points
- If the $60,000-$73,800 range breaks down, Bitcoin could experience a prolonged downturn of at least 120 days.
- In the worst-case scenario, BTC could drop to as low as $40,000.
- A weekly close above $63,000 would indicate a bullish trend, but DonAlt considers this unlikely.
Current Price Action
As of writing, Bitcoin is trading at $61,705. DonAlt emphasizes that a close above $63,000 is crucial for a bullish outlook. However, he assigns only a 10% chance of this occurring.
Disclaimer
It’s important to note that the views expressed by DonAlt are not financial advice. Investors should conduct their own research before making any investment decisions.
