A prominent analyst has raised concerns about Bitcoin‘s ability to sustain its price if it surpasses the $100,000 milestone. Known as DonAlt, he has been monitoring Bitcoin’s remarkable ascent throughout 2023 and warns that a significant correction could follow if the cryptocurrency fails to maintain its new levels.
Can Bitcoin Sustain Its Momentum Above $100,000?
DonAlt highlights the $100,000 mark as a crucial psychological barrier for traders. He believes that failing to hold this level could lead to a sharp market correction, especially if Bitcoin retraces to $90,000, which he regards as a potential recovery point.
What Are the Implications of a Market Correction?
The analyst cautions that persistent price movements at resistance points could trigger a significant selling wave. If Bitcoin struggles to maintain its footing, a substantial correction may arise, with $90,000 acting as a temporary support level for traders.
Key insights from DonAlt’s evaluation include:
- Bitcoin’s inability to sustain the $100,000 level could signify market instability.
- A drop to $90,000 may create resistance against further declines.
- Establishing robust support requires Bitcoin to exceed $120,000.
At present, Bitcoin is valued at around $94,245, and traders are closely analyzing its performance at this critical juncture. The cryptocurrency’s ability to navigate these support and resistance levels will significantly influence its future trajectory in the market.