In 2022, renowned cryptocurrency analyst DonAlt, who accurately forecasted Bitcoin’s dip, asserted that BTC bears have lost their final defense. On social media platform X, DonAlt suggested that Bitcoin now has an unchallenged path to escalate to higher levels, encountering no major resistance.
What Does DonAlt See in Bitcoin’s Future?
DonAlt’s evaluation indicates that unless an unforeseen market event emerges over the weekend, Bitcoin bulls will sustain their upward trend. The analyst highlighted the improbability of a negative event, citing the pattern of low trading activity during weekends. According to DonAlt, Bitcoin is expected to stay robust as long as it remains above $63,000, which he considers unlikely to breach given the current market environment.
In his analysis of the Bitcoin chart, he observed that the $70,000 level, once a critical resistance, now seems more like an artificial barrier. This level has been tested numerous times, diminishing its effectiveness. In technical analysis, a resistance level weakens with each test as sellers’ supply dwindles, paving the way for the price to break through.
Why Does $70,000 No Longer Hold Bitcoin Back?
In an elaborate video update, DonAlt elucidated his prediction, stating that the $70,000 resistance has been tested excessively to maintain its strength. He underscored that recurring tests signal the weakening of this barrier. Thus, he recommends against shorting Bitcoin as it approaches or surpasses $70,000.
Actionable Insights for Investors
– Bitcoin staying above $63,000 is crucial for ongoing bullish momentum.
– The $70,000 resistance level is no longer considered significant due to frequent tests.
– Investors should be cautious of market activity during weekends, despite the low chances of negative events.
DonAlt identified the only bearish scenario for Bitcoin: a close below $63,000, which he deems highly improbable. This perspective is grounded in the consistent low trading activity and stability observed on previous weekends.
Current data shows Bitcoin trading around $66,739, up almost 1% in the past 24 hours. The weekly performance aligns with DonAlt’s optimistic view, suggesting a strong ongoing trend.