A leading trader in the cryptocurrency market recently shared his prediction about the future of Bitcoin (BTC) in an online strategy session. According to the trader, known as DonAlt, Bitcoin is approaching a strong resistance level and is likely to experience a major pullback once it hits around $58,000. DonAlt emphasized that this price point is the most realistic resistance and believes that it would be a prime opportunity to sell. He does not, however, think that this would necessarily signal a long-term trend-forming top, but rather a pullback top, with potential for a significant drop in price, possibly to as low as $46,000.
Despite his prediction of a correction for Bitcoin, DonAlt also revealed that he is looking to accumulate BTC when it dips, particularly if it reaches a key high time frame support level of $32,000 to $35,000. He referred to this range as a “brain-dead buy,” suggesting that it would be a strong investment opportunity due to its importance and potential for a substantial increase in value. As of the time of the report, Bitcoin was trading at $51,665, representing a slight decrease over the past day.
In summary, the trader’s forecast for Bitcoin suggests that a corrective move may be imminent, particularly if it hits a critical price level of $58,000. However, he also sees potential for a buying opportunity at a key support level in the low to mid $30,000s. This suggests that while Bitcoin may experience a pullback in the near future, there could be significant upside potential for investors who are able to capitalize on lower price points.
